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Krugman about Russia: Thugs & Kisses

Lafayette

Lafayette

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NYT, Krugman: Thugs & Kisses

Excerpt:
... a few people on the left are anti-anti-Putinists, denouncing criticism of Mr. Trump’s Putin-love as “red-baiting.” But today’s Russia isn’t Communist, or even leftist; it’s just an authoritarian state, with a cult of personality around its strongman, that showers benefits on an immensely wealthy oligarchy while brutally suppressing opposition and criticism.And that, of course, is what many on the right admire.

Am I being unfair? Could praise for Russia’s de facto dictator reflect appreciation of his substantive achievements? Well, let’s talk about what the Putin regime has, in fact, accomplished, starting with economics.

Mr. Putin came to power at the end of 1999, as Russia was recovering from a severe financial crisis, and his first eight years were marked by rapid economic growth. This growth can, however, be explained with just one word: oil.

For Russia is, as I said, a petrostate: Fuels account for more than two-thirds of its exports, manufactures barely a fifth. And oil prices more than tripled between early 1999 and 2000; a few years later they more than tripled again. Then they plunged, and so did the Russian economy, which has done very badly in the past few years.

Mr. Putin would actually have something to boast about if he had managed to diversify Russia’s exports. And this should have been possible: The old regime left behind a large cadre of highly skilled workers. In fact, Russian emigres have been a key force behind Israel’s remarkable technology boom — and the Putin government appears to have no trouble recruiting talented hackers to break into Democratic National Committee files. But Russia wasn’t going to realize its technology potential under a regime where business success depends mainly on political connections

So Mr. Putin’s economic management is nothing to write home about. What about other aspects of his leadership?

There are good reasons to worry about Mr. Trump’s personal connections to the Putin regime (or to oligarchs close to that regime, which is effectively the same thing.) How crucial has Russian money been in sustaining Mr. Trump’s ramshackle business empire? There are hints that it may have been very important indeed, but given Mr. Trump’s secretiveness and his refusal to release his taxes, nobody really knows.
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I can see it now: At Trump's Inauguration Dinner, Tsar Vladimir sitting at the head-table, along with a group of select Russian and American plutocrats who helped finance Trump's campaign.

'Nuff said ... ?
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Last edited:
Lafayette said:
NYT, Krugman: Thugs & Kisses

Excerpt:

I can see it now: At Trump's Inauguration Dinner, Tsar Vladimir sitting at the head-table, along with a group of select Russian and American plutocrats who helped finance Trump's campaign.

'Nuff said ... ?
________________
Click to expand...

We all know about Trump. But why are so many on the far right or even center left like the SPD in Europe so positive towards such an unpleasant and even dangerous character?
 
joG said:
We all know about Trump. But why are so many on the far right or even center left like the SPD in Europe so positive towards such an unpleasant and even dangerous character?
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The SPD? The German socialists? Positive on Trump?

Where do you get that from ... ?
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FINANCIAL DEPRAVITY OF COMPARED PLUTOCRAT ECONOMIES

Chagos said:
I think he meant Putin.
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I as well. It makes more sense that Tsar Vladimir would be attracted to a plutocrat, since he too has become one.

Putin's wealth is estimated at more than $100B (see here and here) and that of his daughter at $2B (see here).

Russia, for the Putin family and other oligarchs (along with their families), is a money spinner. From Reuters here:
“Today in Russia, it is absolutely normal that the boards of directors at state banks are headed by children of security service officials, who aren’t even 30 years old when they are appointed,” he said. “It is more than just a dynastic succession. Children don’t just inherit their parents’ posts, but also the right to choose any other post they fancy.

The danger is that very soon all key resources will end up in the hands of five to seven families.”
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Pity the Russian people. Whether you obtained your money by being gifted money-spinner companies as in Russia or, like in America, if you have a flat-rate taxation (less than 30%) above $100K per year, the difference is only in the magnitude-of-money riches that you can accumulate.

But in "Mother Russia", the number living below the Poverty Threshold is estimated at 11%, whilst in the US it is 15% - both numbers from here.

So, regardless of what is happening at the top, the financial depravity at the bottom of the income-ladder is virtually the same ...
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