Paul Krugman Shows How Putins Burst Economic Bubble Is the Essence of Crony Capitalism This is what you get when all the oligarchs take the money overseas. Alas, swaggering strongman Putin is hitting a bit of a snag, writes Paul Krugman in his column today. Mr. Putin never had the resources to back his swagger, Krugman says. Russia has an economy roughly the same size as Brazil’s. And, as we’re now seeing, it’s highly vulnerable to financial crisis — a vulnerability that has a lot to do with the nature of the Putin regime. The ruble started sliding in August when Putin sent troops to Ukraine and has started downright plunging in recent weeks, Krugman points out. And all indications are that the Russian economy is heading for a nasty recession. The global plunge in oil prices has not helped, but it does not explain the bottom dropping out of the ruble. So whats going on? alternet.org/economy/paul-krugman-shows-how-putins-burst-economic-bubble-essence-crony-capitalism?akid=12600.1874817.8qLVSR&rd=1&src=newsletter1028986&t=7
Posted on: Sat, 20 Dec 2014 08:42:54 +0000
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