UPDATED – Russia Feeling the Pinch of Cheap Oil
I’ve posted on Venezuela’s oil hangover before; and on Iran’s. Now the WSJ has related news on the Russian front: Oil’s Crash Stirs Unrest in Russia as Slump Hits Home.
Nothing worse than having your entire economy depending on oil. Ask Mexico, which made the same mistake in the 70′s.
Now it’s time for a reality check. And that’s worldwide. By the way, STRATFOR takes a closer look at the global winners and losers in this brave new world of cheap oil here. They are generally more optimistic about Russia’s situation than the WSJ. Only time will tell. Give it a read.
UPDATE – via Drudge: the World Bank is not optimistic about Russia’s situation either.
