A tsunami of bad economic news swept over Putin’s Russia this week.
Capital flight roared to sensational new levels, on pace to far exceed $100 billion this year. Capital flight in the first quarter of this year was double that of the same period last year, a year in which Russia experienced one of the worst years for capital flight in its history.
The IMF warned that Russia’s eternal bogeyman, inflation, was also on the warpath.
And the Kremlin itself admitted that economic growth this year will be much less than it had hoped.
The Putin economy is failing, and this should be no surprise. Vladimir Putin has no economics or business credentials whatsoever, and he is liquidating freedom and the rule of law in favor of neo-Soviet dictatorship. The Putin economy will fail just as badly as the Politburo economy he still worships, in his benighted ignorance.
Nothing better exemplifies how utterly wrongheaded Putinomics is than the pathetic screechings of his government over the sentencing of mass-murdering terrorist Victor Bout and the return of the Stalin tetrad. The fact that the Putin regime thinks it can afford to spend time defending terrorist maniacs and reviving Soviet political culture tied to even more terrifying criminals rather than working hard to right Russia’s sinking economic ship speaks volumes about how far from reality Putin’s head really is. It is stuck in the sands of propaganda just like the Soviet ostrich always was, and the results for Russia will be just as bleak.
This time, however, nobody can blame the institution of dictatorship. The people of Russia are not victims this time, if they ever were. This time, they have embraced Putin and brought the horror upon themselves.