Russia is in badass mode. After crushing neighboring Georgia, it is now taking aim at Poland.

The New York Times reports that “a senior Russian defense official, Col. Gen. Anatoly Nogovitsyn, suggested that Poland was making itself a target by agreeing to serve as host for the anti-missile system.”

Russia looks intent on kicking off a new cold war, says Taipan Daily editor Justice Litle. However, unlike the 20th-century cold war, Justice says “this cold war will revolve around energy instead of nukes… and that could have major long-term implications for oil and gas (particularly liquid natural gas, or LNG).

US secretary of state Conde Rice says Russia’s international reputation is in “tatters.”

But Andy Carpenter in Investor’s Daily Edge says the reality is Russia is emboldened by the simple fact that the US is no longer the world’s sole economic engine.

There is now a huge amount of money being poured into emerging markets infrastructure projects. The lion’s share of this cash will go to Russia, China and the Middle East. Smart investors now must think globally, says Andy…

Like it or not, with the invasion of Georgia, we have a new Cold War – as well as the profit opportunities that accompany such a conflict. International investors were able to make a lot of money during the “first” Cold War, so if any more politicians or TV commentators tell me they don’t want a return to those halcyon days, I shall scream.

Eurozone inflation is running at 4.1 percent. In Russia, inflation is at an insane 15 percent. The Mogambo Guru says the lesson from history is simple: Buy gold when the government is acting like collectivist morons. It’s the only way to protect yourself from runaway inflation…

Former Soviet republic Georgia is in turmoil. Eyewitness say villages are being burned and looted as Russian tanks and soldiers advance from the breakaway province of South Ossetia.

But the markets remain relatively unmoved by the fighting in the Caucasus. In particular, oil and gold remain low.

That’s because markets do not respond to macro events, says Marc Licthenfeld in The Smart Profits Report. It’s just the opposite: The market is an excellent predictor of economies and world events, with the economy typically following the market’s lead six to nine months later. More from Marc…

Yesterday, Smart Commodities UK editor Garry White gave readers five reasons to invest in Russia, even as it is engaged in a war with Georgia.

However, the markets tell a different story. Two benchmark Russian share indexes – the RTS index and the MICEX index – hit their lowest levels in nearly two years yesterday.

John Stepek in Money Morning UK is bearish on Russia. He says the country is a basket case built mainly on petrodollars. This leaves it particularly vulnerable to a long-term correction in crude oil prices…

Conspiracy theorists, meet the Nostradamus of novels: Tom Clancy.

Taipan Publishing’s Sara Nunnally and her colleague Christian DeHaemer say the current conflict in South Ossetia between Russia and Georgia is scarily like the Tom Clancy video game Ghost Recon.

They also say the conflict is all about oil. Russia wants to control energy routes through the Caucasus. And it wants to destabilize Georgian plans to build a natural gas pipeline that would feed European demand. More from Sara…

Only crazy people would invest in Russia, right?

Wrong, says Smart Commodities UK editor Garry White. Now is a great time to snap up some Russian assets.

Although Russia is currently involved in fighting in Georgia, don’t expect it to last long. Russia has made its point. Georgia has been cowed. And there’s no reason to fear Russia’s brand of pugnacious capitalism – even authoritarian capitalists need customers to survive.

Here are Garry’s top five reasons to consider investing in Russia…

Bill Bonner says there are still some great investment plays in emerging markets. Yes, inflation is rearing its ugly head in all corners of the globe. Yes, emerging markets are volatile and unpredictable. But capital investment is high, and growth is way above that in the developed world.

You won’t see really exciting market growth anywhere in the developed world right now. There’s not even much to be found in emerging market economies.

But there are still countries with over 6% growth, says Andrew Gordon in Investor’s Daily Edge. Some of them, such as Afghanistan and Angola, aren’t the safest places in the world, however. And they are difficult to invest in directly.

A way around this is to find an American company doing business in these high-growth economies or a foreign company listed on a US stock exchange.