When Vladimir Putin stepped down as president of Russia last May, he left little to chance. Just as his predecessor Boris Yeltsin had anointed him, Putin made sure that his loyal protégé of 20 years, Dmitry Medvedev, would take his place. Putin took the helm of the country's dominant political party, United Russia, and then, as prime minister, expanded that position far beyond what the Constitution envisions. Although Putin rearranged the musical chairs, he continued to call the tune. Until now.
So long as Russia's oil-fueled prosperity soared, people accepted Putin's implicit bargain: government corruption and constricted civil rights in exchange for rising living standards. But today, with Russia's economy in shambles, this social contract is fraying. Ordinary Russians are already taking to the streets demanding the type of change Putin is unlikely to deliver. He epitomizes the KGB old guard who got Russia into this mess. Sooner or later, he will become the Russian financial crash's most prominent victim.
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