If he is rational, it is a tricky one to understand what he wants.
He can take Ukraine easily, but as we discovered with Iraq, holding it is a different game. On top of that, sanctions will hurt him and confine him and his cronies to Russia, and they really love Londongrad.
He might just take the two regions and then negotiate a good deal, and we will be so grateful he did not take the rest of it, we will give him one.
On the other hand, there are scary parallels between the end of the cold war and the end of the First World War and the Versailles treaty.
Russia, under Gorbachev, wanted peace and for Russia to be embraced as an equal country with the rest of Europe. They even asked to join NATO and we’re told to ‘get in line’.
Western investment bankers, never shy to feast off a corpse, got in there with very lucrative privatisations, stripping Russia of its wealth. We simply treated Russia, a proud nation with thousands of years of culture and history, as a medium sized emerging economy.
It is, thus, no surprise that the Russians embraced a strong leader like Putin.
But, where we go from here is (scarily) anyone’s guess. The least bad outcome is another cold war, the worst outcome is that he truly is mad and we actually go to war, one that mankind will lose.