EXCHANGE RATING RUSSIA DOWN AND OUT

Russia Observer

https://orientalreview.org/2017/09/18/exchange-rating-russia/

Why Russia — a country with less money than Canada and fewer people than Nigeria — runs the world now” wondered the Canadian newspaper National Post in January. The piece doesn’t give useful answers: nuclear weapons, good diplomacy, yes, but also the usual claptrap about “ruthlessness” and “Abandon[ing] economic worries to double down on efforts to grab geopolitical status”; in short only a brute lashing out in delirium tremens. The editors should better have wondered whether the headline even made sense: the first point is wrong and the second irrelevant. But, like so much of what passes for analysis in the Western media, it’s written backwards: it’s decision-based evidence making.

Talking about the relative insignificance of Russia’s GDP is an old game: Wikipedia says Canada’s GDP is greater than Russia’s and Germany’s is about two and a half times greater. These comparisons all assume that the price…

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