Putin has a pretty good idea that Russia's commodity-based economy is in for a rough time. "We must be ready," he said, "that the period of low commodity prices and, possibly, external sanctions may stretch out for an extended period. If we change nothing, we will just eat through our reserves as economic growth hovers near the zero mark." Yet nothing he suggested in the speech is likely to change that: He wasted most of the hour discussing social and infrastructure projects that were on the agenda before the recession.
Read Full Article »
