The world enters 2009 with Russia in play in a way it hasn't seen in decades. The relevant comparison isn't 1998, when the Russians engaged in default and devaluation but remained within the bounds of their existing political and economic system (as Lenin said, two steps forward, one step back). The history to consider is 1989--as key aspects of the Russian system could change for the worse.
Monday, January 19, 2009
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