One month ago, we reported that Russia would likely enter a recession this year. It had experienced two consecutive years and two consecutive quarters of declining economic growth, and even state-sponsored media conceded that the only reason it was not already in a recession was the price of oil.
This week the price of Brent crude dropped below $100 per barrel, and not one but two prominent Russian figures announced that Russia has entered recession.
First there was Ksenia Yudaeva, Putin’s representative to the G-20. She stated: “Frankly speaking, Russia probably already is in recession.”
Then came oligarch Mikhail Prokhorov, owner of the New Jersey Nets. He stated: “The economy is in recession.”
Moreover, Russia Today admits that global investor interest in Russia has plummeted by a shocking two-thirds in the last month.
You read it here first. Way out in front of the curve, we told you long ago that Russia’s economy had lost its momentum and was headed for the big flush.
But that’s only half the story. We also told you that Russia’s inflation rate is out of control, which should not be happening as the economy contracts and is a sign of the paralyzing ultimate economic disaster known as stagflation, the illness that destroyed the USSR.
Putin has led his nation once again to the brink of national collapse.