“You can’t have such strong capital outflow for so long.”
That was Russia’s Central Bank Chairman Sergei Ignatyev in April 2011, looking back on one of the most horrific fiscal quarters in Russian history. But he promised the nation it could not continue, he promised that Russia would see capital inflows the rest of the year.
What actually happened was rather different. The strong capital outflow did continue, and Russia recorded a net loss of over $80 billion in 2011, the worst year in Russian history except for 2008, when Russia’s stock market crashed and lost two-thirds of its value. It was $5 billion more than “prime minister” Vladimir Putin predicted would be incurred in December, and $10 billion more than Ignatyev had predicted in November.
It was an absolute bloodbath, an utter repudiation of the Putin regime by Russian investors.
Why do the people of Russia continue to allow their chosen leaders to lie to them so brazenly, without consequences? Can’t they see that this exact form of misconduct is what destroyed the USSR? Don’t they realize that if their continue their reckless indifference to basic civic responsibility, their nation will be destroyed?