First the jetliner, here`s what`s new: the FBI has taken the pilot`s simulator removed from his home in Malaysia to Virginia for analysis. I also believe the FBI is looking at the pilot and co-pilot`s cell phone transmissions. That is a key to figuring out the airline mystery. The strong evidence is the pilot and/or co-pilot sabotaged the plane. So the FBI`s role is vital.

As far as the search is concerned, good luck. The vast Indian Ocean is the most difficult place on earth in which to find anything. Planes have a very short time to look because there is nowhere to land and they run out of fuel. China is sending a flotilla of vessels but they are still days away.

So a clear resolution to the jetliner mystery seems to be far off in the future.

Now on to our pal Putin he and his thug cronies in Moscow are mocking the USA for imposing a few sanctions against Putin`s enablers. However since Putin lost the Crimea land grab the Russian stock market is down 10 percent and the ruble is losing value as well.

If President Obama and the other Western democracies has impose harsh sanctions on Russia next week, that could be enough to wreck the Russian economy. Let`s see if Putin will yuck that up. There is no question that Barack Obama must take the leadership role here. So, next week in Holland is a stern test for the President.

Talking Points believes there are two immediate ways to damage Russia. One, American financial institutions should stop accepting the Russian currency. And two, the President should urge American Express, Master Card and Visa, not to accept any purchases made in Russia. That will kill travel to and from that country and isolate it economically. Those things are doable and you can do them fast. The world must teach Putin a lesson he will never forget. Because, if the world does not, Putin will continue to cause trouble and other villains all over the place will be emboldened.

And that`s "The Memo."

- You can catch Bill O'Reilly's "Talking Points Memo" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.