South Korea vs. Russia? D’uh, no-brainer!
The nation of South Korea has less than 10% the territory and barely one-third the population of Russia. South Korea has virtually no natural resources, while Russia is flooded with them. Yet, the tiny Asian nation produces $800 billion in wealth each year according to the CIA, while Russia produces just $1.2 trillion. That means that on a per capita basis South Korea ranks #40 in the world, while Russia languishes at a pathetic #58.
And that’s just for starters, of course. South Korean churns out all kinds of desirable consumer products, including a vast array of automobiles, while Russia produces nothing at all that the world wants besides oil and gas. South Korea is a vibrant democracy, while Russia languishes in the KGB-dominated dictatorship of yesteryear.
So it could hardly surprise any informed intelligent person to learn last week that the investment experts at First Trust had decided to boot Russia out of the so-called “BRIC” conglomeration and replace it with South Korea. What used to be BRIC is now BICK. Bye bye, Russia.
All that First Trust is doing, of course, is simply recognizing the reality that we have been documenting here on this blog for more than four years now: Russia is a economic basket case, unsuitable for comparison to any sophisticated economy from Asia to South America. Russia is ruled by a proud KGB spy who is totally, utterly unqualified to manage a complex economic system, much less even a quasi-democratic one.
Putin has made ridiculous statements about doubling the Russian GDP, only to see the country’s stock market and currency collapse before his eyes, wholly enslaved by the international price of oil. He attempted to claim credit for the effects of rising world oil prices he had absolutely nothing to do with, and then he refused to take any blame for the economic collapse which was caused entirely by his misguided squandering of the oil windfall on cold-war posturing rather than economic diversification and national goodl
In short, Putin has not reformed the Russian economy in any significant way. To the contrary, he has left the nation to wallow in the failed ideas of the past while other countries, like even tiny South Korea, have charged past Russia to build juggernaut economies that put Russia’s to shame. Yet, the benighted fools known as Russian “citizens” continue to laud Putin with praise just as the did the maniacal dictator Josef Stalin, encouraging only more of the same from their clueless KGB strongman.