Scenes From Putin's Economic Meltdown

Throughout the centuries Russia has been plagued by horrific rulers.  Yes, there were moments of brilliance under tsars and tsarinas such as Peter the Great, Catherine the Great, Alexander I or even Alexander II, but all too often the Russian people have paid the price of failed leadership.  Vladimir Putin is following in the footsteps of royal predecessors whose dynasty his communist party over through.  Politico looks at the current economic melt down facing Russia's economy due to the failed leadership of Putin who seems to view himself as some modern day mixture of Ivan the Terrible and Adolph Hitler.  One might even argue that Putin makes the ill-fated Nicholas II look better in hindsight (Note to Putin: starting a European war does NOT help once chances of staying in power long term).  Here are article highlights:

Whatever’s on your holiday shopping list—buy now, it may never be this cheap again! In a single day this past week, the ruble exchange rate dropped from 59 to 80 to the dollar, further eroding confidence in the Russian economy and ensuring a deep recession next year—but also briefly turning Moscow into the shopping capital of the world.

Although this past week’s currency crisis marked the worst fall for the ruble since Russia defaulted on its debt in 1998, no one was waiting in bread lines or starting a run on the bank. Instead, anyone with any cash at all went on a buying spree.

People were purchasing refrigerators, washing machines, cameras—anything that was less likely to lose its value as fast as the plummeting ruble. Cars in some dealerships were being sold at 30 percent to 50 percent above the recommended retail price, yet “people run and bring their last money,” one social network user wrote.

The ruble has lost over half its value this year as falling oil prices and Western sanctions over the Ukraine crisis hit Russia’s energy-dependent economy. But a drop of 10 percent on Monday and another 10 percent on what has come to be known as “Black Tuesday” further shook consumers, undermined investor confidence and revealed divisions among the country’s elite on how to react. Nonetheless, Russians’ approval for President Vladimir Putin has remained sky-high.

The falling ruble has launched a spate of jokes in the style of Russians’ notoriously dark humor. One from a few weeks ago—“What do Putin’s age, the ruble and the oil price have in common? They all hit 63 next year”—has already become a grim reality.

According to Marina Krasilnikova, head of quality of life research at the independent pollster Levada Center, while affluent areas like Moscow saw a buying spree on expensive products, most Russians are in fact hunkering down to weather the crisis with what little they have.

For centuries most of the Russian people have had to hunker down thanks to the misrule of their leaders.  Putin needs to go.  The only question is that of how long before the majority of Russians recognize this reality.