This is an object lesson to Russian President Putin. You do not operate what is essentially the economy of a developing country and attempt, at the same time, to delude yourself and the world into thinking that you are a Super Power. The political economy of the great pretense will hurt you badly.
The only problem, especially under conditions of an open trading system, is that the collateral damage to you might ripple out in unpredictable ways and even lead to a major international military crisis.
Fortunately, nuclear weapons, and in particular intercontinental ballistic missiles have reduced the probability of world wars by at least 95 percent, which means that most of the damage, even in a worst case scenario will be suffered by Russia.
Russia and President Putin have to abandon both their gamble in Ukraine, and their dreams of resurrecting a version of the old Soviet Union. They should begin to design strategies, to give incentives to Europe and the United States, to admit Russia into an expanded security system in Europe, with the remaining problems created by the collapse of the Soviet Union, fully solved. (FD-W, David-West Reports; Photo credit: BBC)