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Can't be verified and at the same time there are cyber attacks on the military sites in this country as well as some of the major banks. >> i think, erin, what it tells me is that i should continue paying attention to what the russians are doing, not what they are saying, and i'm pretty sure. i mean, who else would conduct an attack like this on the ukrainian, as you said, armed forces and ministry of defense, and their two largest banks, it would only be the russian government at this moment in time, and that's the kind of thing they do as a warning salvo. sometimes they'll do it just to mess...

That is not a good sign. and the buildup that we've never seen before, on the european content, an invasion that we haven't seen the likes of since world war ii is quite concerning. >> but don't you you think that the russians know, putin knows how severely punished they would be by the sanctions not just from the u.s. but from all of europe, for all practical purposes, it would have a devastating impact on the russian economy and the russians would lose thousands of casualties. >> you would think so. and you would think that the threat of sanctions would deter him. i've been a proponent of sa...

Condemnation. the world will not forget. >> reporter: white house officials tell me they have been weighing the president giving these remarks for the past several weeks. the president wanting to dlaifr a carefully calibrated message. the president according to white house press secretary felt it was a necessity to deliver a clear message to the american people, not just about the stakes or what may happen at home but about the overall picture and why it's so important. >> the president did not mince words. phil, i want you to stay with us and i want you to bring in jim and erin. how forceful ...

>> i appreciate it. i want to turn now to cnn global affairs analyst susan glasser. good evening to you. this is the first time the president is saying putin has made the decision to attack and is going to target the capital of kyiv. biden also tweeting tonight, we're calling out russia's plans not because we want a conflict but because we are doing everything in our power to remove any reason russia may give to justify invading ukraine. is there any way that he'd make a statement like this without sobering and definitive intelligence? >> well, look, don, this is something i have not seen from...

Heat and you have unemployment start to rise. that's what we saw in 1973 in response to the opec oil embargo, and that really triggered a bad recession in the mid-1970s, yet an inflationary spiral that we couldn't get out of, so you lose both your jobs and lose living standards because you're paying higher prices at the same time. >> reporter: how to position yourself for that, swunk offers a potential strategies. if you can do it, pay down debt, especially credit card debt. put off high ticket purchases, if you can, and also resist the temptation to hoard, remember the toilet paper crisis of ...