The Russian Hallucination
Russia’s most valuable company, Gazprom, has a market capitalization about $150 billion. That seems impressive, until you know that Exxon, America’s most valuable company, has a market capitalization more than double that of Gazprom.
Flip your perspective, and you see something even more amazing. Gazprom’s value constitutes more than ten percent of the total gross domestic product of Russia. Exxon’s value? It’s less than two percent of America’s GDP.
In other words, because the American economy is ten times larger than Russia’s, Exxon can fail and America will go merrily on, almost oblivious. But if Gazprom fails, Russia crashes into poverty and absolute collapse. And competing head to head in Russia’s area of greatest strength, America still wins hands down, in dominating fashion.
How is it, then, that Russians dare to continue to adopt such a provocative and hostile attitude towards the USA?