☕ The big one

Your choice for the most important story of 2022... December 29, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Athletic Greens]( Good morning. We’ve reached the final day of our end-of-year awards show, the Golden Mug Awards, which means everyone’s yawning and a cringey line from someone’s speech has already gone viral on Twitter. Today we’ll unveil the biggest award of all—the Biggest News Story of the Year—as well as the Thing You Most Forgot Happened This Year. And while the Golden Mugs may be over, the Brew will still be in your inbox tomorrow and Saturday with more special editions. —Neal Freyman, Sam Klebanov, Max Knoblauch, Matty Merritt GEOPOLITICS [Biggest News Story: Russia invades Ukraine]( [Biggest news story image]( Morning Brew We had been warned about it for months, but it was still a shock when it happened: On February 24, Russian President Vladimir Putin launched an unprovoked invasion of Ukraine in what he called a “special military operation.” Putin’s purported goal? The “demilitarization and denazification” of his western neighbor. The ensuing conflict—the largest ground war in Europe since World War II—is undoubtedly the defining event of 2022. The human toll has been devastating, with not only tens of thousands of soldiers killed on both sides but also [40,000 civilians dead]( as a result of the war, the chairman of the US Joint Chiefs of Staff estimated last month. And following more than 10 months of Russian attacks on its towns, cities, and infrastructure, Ukraine has suffered tremendous economic losses. The country’s prime minister said the damages from the war so far totaled more than $750 billion. But the impacts of the war have not been contained to these two countries, or even within Eastern Europe. Russia’s war in Ukraine sent shockwaves across the world in 2022, jolting the global economy and upending the decades-old geopolitical order. Let’s review some of the biggest changes that were sparked by Putin’s invasion. 1. Russia became an economic pariah. Soon after the invasion, Western countries banded together to slap unprecedented sanctions on Russia’s economy and the oligarchs within Putin’s orbit. Meanwhile, hundreds of US and European corporations [left the country]( and cut economic ties. Perhaps the most symbolic move came from McDonald’s: In 1990, it opened a restaurant in Moscow that reflected the thawing of relations between the US and Russia following the Cold War. This year, McDonald’s pulled out of the country. 2. Europe braced for an energy crisis. 2022 was the year we all realized how much Europe depended on Russian energy; Germany, for instance, received 60% of its gas from Russia up to a few months before the war. However, not wanting to help finance Putin’s war in Ukraine, European countries decided to stop buying Russian energy. It hasn’t been easy to find alternatives, and the subsequent supply shortages sent energy costs skyrocketing. Higher energy prices due to the war in Ukraine have already cost Europeans [about $1 trillion](, per Bloomberg, and experts warn that the crisis could last for years. 3. Military spending surges. Russia’s invasion of Ukraine has sparked a [military spending spree]( in countries that had previously thought “No one does this kind of stuff anymore, right?” Facing rising geopolitical threats from Putin (and also China), the US just approved a military budget that was $45 billion more than President Biden asked for. Japan, which has largely taken a pacifist POV since World War II, announced it will double defense spending over the next five years, and Sweden and Finland are trying to get into the NATO military alliance. The winner in all this, of course, is your local defense contractor. Meanwhile, the war grinds on. Ukrainian forces have recaptured strategic cities from Russia, but Russian bombardments on energy infrastructure will make this a hellish winter for Ukrainians. With neither side showing willingness to negotiate, any resolution to the conflict seems far out. ------- Runner-up: SCOTUS scraps Roe v. Wade In May, Politico published a [leaked draft opinion]( from the Supreme Court that revealed it had voted to overturn Roe v. Wade, the 49-year-old legal precedent that established the constitutional right to an abortion in the US. The next month, the court confirmed it had scrapped Roe, leaving abortion regulations up to the states. For anti-abortion advocates, it was a ruling they had long hoped for. For abortion rights supporters, overturning Roe represented a generational setback for women’s health and reproductive rights more broadly. Since the ruling, 13 states have [banned most abortions](, and legal challenges are ongoing in about 10 others. Some Democrat-led states have gone in the opposite direction, using the SCOTUS decision as a catalyst for increasing abortion protections. With a split Congress coming to DC, don’t expect significant federal action on abortion next year: In the upcoming abortion clashes, states will be on the front lines. Runner-up: The Fed hikes interest rates, sending economy teetering toward a recession If everyone was an opinionated virologist in 2020, then 2022 turned us all into macroeconomists. In an effort to fight historic inflation, the Fed raised its benchmark interest rate seven times this year, pushing it to a 15-year high. Chair Jerome Powell’s hawkish turn slowed the economy and was a major catalyst for the brutal sell-off in stocks, particularly in the tech sector. This year, Amazon became the first public company to lose $1 trillion in market value. So what’s ahead for 2023? Economists think that a recession is likely, but a few are holding out hope that the Fed can achieve a so-called “soft landing,” where it brings inflation down to normal levels without causing the economy to shrink. Recent months have brought cautiously hopeful news: Annual inflation has [cooled]( from a peak of 9.1% to 7.1%, so rate hikes are expected to be much less aggressive next year.—NF, SK �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Biggest%20News%20Story%3A%20Russia%20invades%20Ukraine%3A%20https%3A%2F%2Fmorningbrew.com%2Fdaily%2Fstories%2F2022%2F12%2F22%2Fbiggest-news-story-the-war-in-ukraine%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A TOGETHER WITH ATHLETIC GREENS [Start with your gut]( [Athletic Greens]( Ya know, that part of your body that gets credit for helping you avoid sticky situations, can sometimes cause tummy issues, and is also connected to every other system in your body? Sounds pretty important, right? [Athletic Greens]( gets it, which is why they created AG1—a powder that contains a whopping 75 high-quality ingredients to support full-body health, beginning with your gut. AG1 by Athletic Greens is more than just, well, greens. It supplies necessary multivitamins/minerals, pre/probiotics, immune support, digestive support, and more, all in a single scoop. Start every day with the nutrients your body needs. [Get your gut feeling good with AG1 by Athletic Greens](. SPORTS [Thing You Most Forgot Happened: The Winter Olympics]( [Winter Olympics Golden Mug award]( We asked you to remember what you forgot this year and you mostly remembered forgetting the Winter Olympics. And honestly, it makes sense: The 2022 Winter Olympics in Beijing drew the worst ratings on record for any Winter Olympics, with just 11.4 million viewers on average per night on NBCUniversal platforms. The Winter games had no Michael Phelps- or Katie Ledecky-esque figure to follow on a hunt for multiple medals. And they also suffered from some [pandemic bubble](-induced awkwardness: Many events took place without an audience, and some announcers delivered their commentary on delay—fan favorites Johnny Weir and Tara Lipinski, for example, were analyzing figure skaters from Connecticut. The 13-hour time difference between Beijing and New York, which caused news of most results to be delivered before they were aired on prime time in the US, didn’t help matters. Nor did the notable lack of political context from NBC during its Olympics coverage—especially given the diplomatic boycott of the games by the US, Canada, Great Britain, and Australia over the Chinese government’s genocide of the country’s Uyghur population. Runner-up: Twosday (2/22/22) Another oft-forgotten event of the year was Twosday, that magical February day when the date was all twos and also a Tuesday. Palindrome dates are popular for weddings and Twosday was no exception: Couples in Las Vegas, Sacramento, and Singapore all got married in big numbers on the date. We’re hoping they at least remember their anniversary. Runner-up: Musicians leave Spotify over Joe Rogan controversy In January, rock legend Neil Young removed his catalog of songs from Spotify over what he called the company’s support of deadly Covid vaccine [misinformation]( from Spotify-exclusive podcaster Joe Rogan. Joni Mitchell followed suit, along with several other notable musicians and podcasters. Spotify CEO Daniel Ek announced that Rogan’s views did not represent the values of the company, but that he would not “silence” the podcaster—although about 110 episodes of the show were removed from the platform for various reasons, including racist remarks. The Joe Rogan Experience, which Spotify reportedly paid ~$200 million for, remains a Spotify exclusive.—MK �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Thing%20You%20Most%20Forgot%20Happened%3A%20The%20Winter%20Olympics%3A%20https%3A%2F%2Fmorningbrew.com%2Fdaily%2Fstories%2F2022-most-forgettable-moment%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A TOGETHER WITH BABBEL [Babbel]( Speak a new language for le$$. New year, new language? If traveling or simply learning new things are on your 2023 #goals list, [Babbel]( can help. Their fun 10-minute lessons are proven to help anyone speak a new language in just three weeks. For a limited time, [get 55% off—subscribe today](. READS [The best of the Brewniverse](#) [Smart cities]Morning Brew Morning Brew publishes many other newsletters besides this one, and they can help you stay informed about your specific industry while still making you laugh. Here are some top reads from around the Brewniverse this year: - Everything you need to know about smart cities. ([Emerging Tech Brew]() - Buzzword Bingo: What analysts and banks are really saying about quarterly earnings. ([Part One]( and [Part Two]( from CFO Brew) - How recruiting scams are evolving and escalating. ([HR Brew]() - Have we hit peak nostalgia? ([Marketing Brew]() - What does it mean to be “Made in America”? ([Retail Brew]() - Tender is the might: Why New York and other cities are mandating that stores accept cash. ([Part One]( and [Part Two]( from Retail Brew) - How to begin your career in cybersecurity. ([IT Brew]() - Why the flu is big bucks for some, but costly for others. ([Healthcare Brew]() - 2023 social media predictions. ([Future Social]() BREW'S BETS This week, we’re resurfacing the most-clicked “Brew’s Bets” from the entire year… Travel diaries: The average American supposedly has been to only five of these places. [Where do you stack up](? But what actually is Pi? This is the [simplest visual]( we’ve seen. The age-old question: Should you brush your teeth [before or after breakfast](? Want a New Year’s resolution you’ll actually complete? Refresh your business knowledge, sharpen your skills, and set yourself up for a promotion with our eight-week Business Essentials Accelerator. Applications are now open for our Feb. 2023 cohort. [Learn more today](. Money moves: Feelin’ a little off balance in these financial times? We get it—which is why we joined forces with [The Motley Fool]( to give you tips on being money smart in the new year. Read [here](.* *This is sponsored advertising content. GAMES [The puzzle section](#) Brew Mini: “Initials in an ‘I’m not at work today’ automatic reply email” (three letters) is your highly relevant sample clue today. [Play the Mini here](. Three headlines and a lie We’ve been tricking you all year in Three Headlines and a Lie, so as a special New Year’s treat, we’d like to do it again…with some of our favorite real and fake headlines of 2022. But since we’re featuring headlines from an entire year and not just a week, this game is supersized. Seven of these headlines are real and three are faker than whatever is in a cheese ball. Can you spot the odd ones out? - Why it’s perfectly normal to see baby puffins [thrown off]( cliffs in Iceland each year - New study finds that people who [rewatch]( TV shows get better sleep - Analysts [accuse]( Bed Bath & Beyond of turning off AC in stores to save money as sales plummet - Nurse [accused]( of amputating man’s foot for her family’s taxidermy shop - TSA agents [find]( gun inside raw chicken at Florida airport - US Lawn Mower Racing Association is [launching]( a startup incubator - Elon Musk said he would [donate $500 million]( to charity if Barbie made an Elon doll - Rogue wild turkeys led by ‘Kevin’ [terrorize]( residents of Woburn, Massachusetts - Wind turbine blades could be [recycled]( into gummy bears, scientists say - Office cats [laid off]( as companies close AROUND THE BREW [Investing 101]( [Investing]( Want to start investing but don’t know where to begin? Let Money with Katie be your guide with her [Investing 101 series](. On Imposters, Alex Lieberman sits down with biz leaders, elite athletes, and entertainment stars to discuss how they overcame mental challenges. [Listen here](. Still looking for a New Year’s resolution? Improve your personal finance game this year with [Money Scoop](—the free newsletter that makes you smarter about your money. Ring in 2023 by showing employees a sign of your appreciation. [HR Brew’s guide]( shares their top gifts under $50. SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=a905682a]( ANSWER We made up No. 2, No. 6, and No. 7. � � � � � Written by [Neal Freyman](, [Max Knoblauch](, Sam Klebanov, and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. 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