EDITORIAL
Is Putin the Worst Russian Leader Ever?
We think so, and today we offer a wealth of evidence to support our position in form of a special issue devoted to answering this question. Barack Obama will soon be winging his way to Russia and will sit down with Putin to discuss all manner of things. Hopefully, the new American president has some vague clue about how how Putin is sticking it to the people of his country, and the world, in a fully neo-Soviet manner. Just a glance through today’s content would give him a major eye-opener.
Let’s begin with economics, which as Putin’s second term as “president” came to a conclusion was allegedly his long suit. Boris Nemtsov and Vladimir Milov warned long ago that in fact Putin was nothing but yet another Potemkin village, doomed to collapse as surely as the USSR did. But the pro-Kremlin propaganda kept on rolling forth.
But the numbers are catching up with Mr. Putin, catching up fast. Just two months ago, the World Bank predicted Russia would have a 4% economic contraction this year. Now, it has doubled that estimate, in a report suggesting the contraction will be 8%, and the Russian Finance Ministry itself believes the WB is still being conservative. It’s quite possible that Putin’s Russia will end the year with a double-digit recession.
It would, in that event, match Russia’s projected unemployment and inflation rates for 2009, which the WB estimates will both top out at a horrifying 13%. And it would also match Russia’s projected loan default rate, which the WB believes will stand at 10% by year’s end.
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