I have not been watching the world for a while. Having been buried in my own personal projects, family and occupation I only now put my head up and look around at the world.
So what do I see?

1. I see that oil prices are high and have been that way for a while.
2. I see that Turkey, is finally flexing its military muscles and is slowly, carefully and quietly conquering parts of northern Syria.
3. I see that there are moves being made within Saudi Arabia to purge any possible sources of opposition to the king and the crown prince.
4. I see that neither the EU nor the Eurozone have collapsed, but the governments and politicians that oppose it seem to be gaining influence not losing it.
5. I see that President Xi of China is gathering enormous powers to himself.
6. I see that Donald Trump is meeting the President of North Korea in Singapore.
7. I see that Russia is hosting a World Cup, a bare four years after hosting a Winter Olympics

So what do I make of it all?

1. That with the rebound in oil prices Russia and Saudi Arabia are doing much better than many expected two years ago.
2. With Turkey moving into Arab territory there is an extra incentive for Arabs to unify and that there will be support for a strong Arab leader if one emerges.
3. Saudi Arabia could be strengthening itself internally in preparation for taking on a more aggressive role in its region.
4. The EU is already fraying politically. There is no need for it to disappear; countries can just stop doing what it says and it will simply become less and less important. Hungary and Poland are already flouting its directives, and they are flouting their flouting. The Eurozone can’t simply fade away. It will either continue to function more-or-less as-is or countries will leave it. I think some countries will eventually choose to leave.
5. The fact that 6. Is occurring despite 5. Suggests that Xi is extremely concerned by China’s relative strength vis-à-vis USA and is willing to be very nice to the USA and help them with North Korea so as to dissuade the USA from totally devastating the Chinese economy as they could do if they launched a trade war.
6. I see the American President’s meeting with the North Korean President as more of a reflection of the state of mind of the Chinese President than anything else.
7. Having weathered western sanctions and now showing an expected budget surplus for this year, Russia will be able to use the World Cup to show the world that reports of its imminent demise were vastly premature.

Extra observations:
The USA has recently started taking steps to act in its own economic interests and despite some bad press has found the process less politically painful than many expected. As their first small steps succeed, their appetite for putting America first will probably increase.
It has become clear to me that Russia has probably offered the US a grand bargain/threat on Ukraine, which would run something like ‘Ukraine stays out of NATO and the EU and you stay out of Ukraine or we let the tanks role.’ The Donbas Republics are key to this strategy because if Ukraine joined NATO and Russia attacked then all of NATO would be duty bound to go to war with Russia – and they probably would in the case of such a clear attack. If, however, Ukraine joined NATO and then the Donbas Republics suddenly had some extremely successful offensive thrusts in their on-going civil war, then technically no NATO members would be ‘duty bound’ to intervene. This would explain why so little has been done for Ukraine by the West since its ouster of the pro-Russian government.

It has been said that the US does not have a military option against North Korea. North Korea's ability to destroy Seoul if they are struck by the US makes a US strike on the North politically unthinkable, according to many.
However, if South Korea had a public split with the US, and could convince the North that they were totally against any US attack, then perhaps the North would not retaliate against Seoul if such an attack did come.
Somewhat ironically, if the South withdrew from its alliance with the US, over the current crisis then that could give the US more room to act.
And by the way
If the South distanced itself from the US it would also make China happier with the idea of a strike. China certainly doesn't want a full blown war on the Korean peninsula, and so it would oppose a strike if it thought that ran the risk of restarting the Korean War. If, however, there was to be a strike and no war, China could be quite happy about the North having its nuclear and ballistic weaponry removed.
This is just a by the way thought, though, because the US does not need any approval from China to decide whether it bombs North Korea or not.