Bill, considering that there was very real fear late last week that the Communists would be taking over Russia any day now, I feel that the statement by the Russian acting Prime Minister (or whatever his title was) is certainly a relief -- the stock market aside, nobody wants to see Russia go back to the communists -- except of course the commies themselves.
So no, at this point I don't see it as too little too late, although Russia went right to the brink and appeared about to leap off the reform wagon. They have got a long way to go though. I view Russia's economy as about the same state the USA's was in in the late 1920's: They didn't call it the "roaring 20s" for nothing. But those were days of a lot of underworld mobsters etc., just like in Russia in the past couple years. And just like in the USA in 1929, Russia has had their crash - actually in percentage terms, a much larger crash than our 1929 crash, but our stock market hadn't reached the towering height that their's had in so short a time.
Capitalism works, as the USA has proved to the world - the conclusion is inescapable - we have the best economic system the world has known, IMO. Never has there been such production and military might concentrated under one government, ever. Granted we aren't doing through sheer muscle of humans on the battlefield or humans dragging large stones around, but nevertheless the job is getting done - and then some. |
