Friday, January 25, 2008

Russia: An "Island of Stability"

Who has the chance of coming out ahead as the US economy begins to tank, dragging the rest of the world down? Those who have a lot of oil and depend little on the USA. That means two of my favorite countries: Iran and Russia. Washington's sanctions have forced Iran to turn away from the USA and toward Asia and Europe, and "Russia's exports to the United States account for only 3 percent of its total, compared with 16 percent to Brazil, 19 percent to India and 21 percent to China" (Andrew E. Kramer, "Russia Talks of a Stability Beyond Ties to the U.S.," New York Times, 25 January 2008). The Russians are already crowing: "Russia will be an 'island of stability,' Finance Minister Aleksei L. Kudrin boasted this week at the World Economic Forum in Davos, Switzerland" (Kramer, 25 January 2008).

1 comment:

Naj said...


But Iran's still trading in Dollars! That's making life expensive in Iran!

And, the little dog fight between the banks and the populist president whose idea of economic growth is giving short term loans for people to buy cheap cars, and 6 folding the "religious" expenditure, is not helping!