ARE WE WITNESSING THE FUNERAL OF RUSSIA?
The Kremlin's gamble has gone horribly wrong. The eastern regions of Ukraine have failed to rise in mass support for Putin's front organizations, led by political operatives from Moscow, and patently run by the Russian security apparatus (FSB/GRU) as even Russian newspapers admit.
Mr. Putin has failed equally to drive a wedge between America and Europe, or to paralyze the EU by playing off one country against another.
Mr. Putin now faces draconian sanctions from the US, EU, Japan, Canada and Australia together. He can strike back by asymmetric means -- perhaps a cyberattack -- but tit-for-tat retaliation can achieve nothing. There is no equivalence.
Russia's economy is no bigger than California's. This is an economic showdown between a $40 trillion power structure, and a $2 trillion producer of raw materials that has hollowed out its industrial core.
Mr. Putin is counting on acquiescence from the BRICS quintet as it confronts the West, and counting on capital from China to offset the loss of Western money. This is a pipedream. Beijing will reduce Russia to a vassal state of China. Vladimir Putin is quickly becoming the ruination of Russia.