Is an Economic War Replacing the Cold War?

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March 21 (Bloomberg) -- In today’s “Global Outlook,” Bloomberg’s Trish Regan and Peter Cook examine the relationship between the United States and Russia and the impact of economic sanctions on Bloomberg Television’s “In The Loop.”

Her two daughters and mother.

They visited high schools and the former imperial palace.

Tensions between the u.s. and russia are as collating as the country's -- countries trade economic sanctions.

President obama did not see it coming during the presidential race.

Remember this moment?

I'm glad that you recognize al qaeda is a threat.

A few months ago, when you were asked what is the best threat, you said russia.

Not al qaeda.

The 1980's are calling to ask for their foreign policy back.

The cold war has been over for 20 years.

Is it?

Peter cook joins us now with a closer look at our relationship with russia.

I have to say, it feels like we're turning back the clock.

It does feel that way.

We're not going back to the cold war.

Things certainly feel chilly.

You even have lawmakers in the u.s. speaking wistfully about the good days.

The two powers battled for domination.

It was easier to understand everyone's motives back then.

Things are more confident now.

Russia is not the soviet union.

Yes, they have a powerful military.

They have doubled defense spending.

There is still $582 billion that the u.s. spends on defense alone.

Russia is not in the ballpark.

They are barely in the top 10, even with 11 billion barrels a day of oil production.

The russian economy was slowing before this crisis and the sanction threats.

There is a risk of real stagnation for their economy.

The political states are also present.

He felt threatened.

He does not want to dominate the world, he sees nato expansion on his doorstep and a growing european union.

Both are threats to him.

He is acting out of fear.

Rebuilding the old empire is not going to happen.

No return to the cold war, but we are looking at a hot economic war for the foreseeable future.

Interesting what you said about how some people would like to see a return to that.

This is predictable.

You knew it was coming.

It is a political school of thought called realism.

Everyone thought they were a sane actor.

Let's get to the u.s. now.

I would not want to see a return to that, but some do.

Let's talk about the economic sanctions.

Are they going to matter?

There are some signs that they are starting to take a toll.

You sell the stock market take a hit, down 13% for the year.

S&p and fitch cutting their outlooks.

They are starting to feel the pinch.

The entire stake in the oil industry was given to timchenko 's partner.

The set mastercard are not serving the customers.

The one consolation they see is that president putin will open an account and start sending his paychecks.

That is a symbolic move.

Thank you very much.

Do not miss this afternoon -- the very first interview with the ukrainian opposition leader.

That is happening at 2:00, right here on "bloomberg television." i will see you back here at 3:00. have a wonderful weekend and i will see you at 3:00. ?

This text has been automatically generated. It may not be 100% accurate.

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