Trump, Putin, and the hidden power of the Bering Strait
Ahead of the Trump-Putin summit in Alaska to discuss Ukraine, President Trump said there would be “some land swapping.” He waxed lyrical about “prime real estate.” The summit’s location is a good example of land swaps and prime real estate and is in a region of growing geopolitical importance. In 1867 Russia "swapped" Alaska for $7.2 million in a deal mocked as Seward’s Folly after Secretary of State William H. Seward who negotiated the exchange. It turned out to be a snip. Commercially viable oil was discovered three decades later and has brought in more than $180 billion in revenue since Alaska became a state in 1959.