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Fortune
Fortune
Jeffrey Sonnenfeld, Stephen Henriques, Jake Waldinger, Giuseppe Scotto

Beware the paper bear — stripping Putin’s economic bluff bare naked

putin (Credit: Mikhail METZEL / POOL / AFP via Getty Images)

Last week, Ukrainian President Volodymyr Zelensky said that state intelligence had uncovered discussions between the U.S. and Russia on economic agreements totaling approximately $12 trillion as part of the controversial 28-point peace plan released in November. 

Whether this is true or not, President Donald Trump would do well to recall a certain top-level meeting in 1973, between China and the U.S., when China’s Mao Zedong claimed that he invented the English term “paper tiger.” (In fact, the term was introduced to the west hundreds of years earlier, by a British missionary.)

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