as usual, doma, you are a reliable putin supporter.
yes. the russian economy is dependent on the price of oil in a way the us economy isn't. yes the us can support its debt and yes russia is damaged by low oil prices and no the us isn't.
of course there is no triumph in putin putting a pipeline through turkey because he decided he couldn't put it through europe after all. http://news.yahoo.com/putin-visit-turkey-amid-syria-differences-080417276.html
russia needs a mixed economy, not more oil. but enterprise doesn't thrive where the rule of law is undermined from the top.
sadly, unlike almost everywhere else, there are no consumption effects in russia from the low oil price because the rouble has cratered even more. so russians pay more for gas in roubles than they have previously. ouch.
indeed, his strategic move to bully europe by creating a dependence on russian oil lies in ruins. us shale and natural gas have created a huge amount of spare capacity. europe can purchase some of the hundreds of thousands of barrels of oil sloshing around on the market.
so putin's vain attempt to reconstitute the russian empire now turns to military means. the russian military is revamped. he has defined new tactics, he lies to everyone's face, he sneakily invades his next-door-neighbour and pretends he is not doing. he threatens everyone by words and by deeds. he misleads those willing to be duped. but ultimately, the russian military machine is not capable of doing what putin wishes. it hasn't the conventional power.
instead, he is leading russia into isolation and penury.
pass the vodka.
i agree that china is relatively powerful at the moment. although i fancy it may be a little bubbalicious.
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