Bulletins and News Discussion from March 18th to March 24th, 2024 - Ra Ra Rasputin - COTW: Russia

Image is of President Vladimir Putin, with his cook Prigozhin, though he is more famous for other things.

I'm assuming we all know what a "Russia" and a "Putin" is, so I'm skipping the background section.

On March 15th, Putin handily won the presidential election. This is perhaps one of the least surprising things to happen in the last couple years, and all claims and debates about electoral corruption are missing the point (in this particular election at least). The reason why Putin won is not fascist brainwashing or Putin having a high Persuasion/Intimidation DC, and it's not even really about the laws that make opposing the Ukraine War illegal. Wages are up significantly, unemployment is at record lows (for the post-USSR period, of course), as is poverty, and the ruble is about as stable as it could be given what the West has tried to do to it. The government has been forced to massively intervene in the economy to keep things afloat, buying up properties that have been ditched by foreign and domestic billionaires, though obviously Russia's wealthy are still plenty powerful. Inflation is up, but wages are comfortably outpacing it. And the Communist Party remains a relic of a bygone era, disconnected from the young people who might hypothetically propel a revolution.

Russia is still in the transition from switching to a Western-oriented export economy to an Eastern-oriented one. Nonetheless, Russia is now China's single largest oil supplier (unseating Saudi Arabia), delivering half of all their oil to China, and trade between the two countries has massively increased. Where Western brands have retreated from Russia (and not many actually have), more Russia-friendly corporations, and Russian businesses themselves, have filled the gaps.

By going through the news, I've seen a lot of economies that are not doing well at all. Most countries seem to be in that category. Either they have general growth but a deeply struggling populace, or the government is trying to keep the population afloat but running up huge debts in the process, or the government is failing on both counts. Russia is one of the few countries on the planet that I can confidently state is actually doing quite well objectively, which means it's doing extremely well relatively. Considering the Western economists regularly delivering portents of doom in early 2022, and salivating over how they were going to divide the country following the inevitable economic collapse, this is a hilarious state of affairs.

In the long term, their predictions may come true. It is entirely possible that a post-war Russia will slump, returning to neoliberal policies and continuing their nonsensical allergy to budget deficits. Russia might not be a mere gas station, but a substantial amount of the economy is made up of fossil fuel exports, which might be troublesome in a greener future, especially as China, their main oil market, is one of the few countries on the planet that seems serious about renewable/nuclear energy. And the limited labour force means that long-term growth is inherently limited without some creative measures, even with the potential influx of whatever remains of the population and territory that Russia seizes in Ukraine. Perhaps it is in this crucible of disillusionment and hardship, after seeing that good things are indeed possible if the government wishes them to be so, that a socialist Russia could rise again. But we aren't there yet, and the growth continues for now.

Much of this information is, again, from Michael Roberts. It seems like we're both doing the same strategy of hopping from election to election.

Apologies for the lack of updates (again!), I've been going through book titles again for the reading list (I've probably got a thousand or more to get through) and also trying to touch grass more. I'm not very good at balancing things out, I tend to do the hyperfocus-on-one-thing-until-it's-done approach.

The COTW (Country of the Week) label is designed to spur discussion and debate about a specific country every week in order to help the community gain greater understanding of the domestic situation of often-understudied nations. If you've wanted to talk about the country or share your experiences, but have never found a relevant place to do so, now is your chance! However, don't worry - this is still a general news megathread where you can post about ongoing events from any country.

The Country of the Week is Russia! Feel free to chime in with books, essays, longform articles, even stories and anecdotes or rants. More detail here.

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Last week's thread is here.