CNBC: Putin's invasion of Ukraine will knock the Russian economy back by 30 years

[highplainsdem]

https://www.cnbc.com/2022/03/14/putins-invasion-of-ukraine-will-knock-the-russian-economy-back-by-30-years.html

WASHINGTON — Vladimir Putin’s unprovoked war on Ukraine and the resulting global response will set Russia’s economy back by at least 30 years — close to old Soviet Union times — and lower its standard of living for at least the next five years, according to economists, investors and diplomats.

The sweeping Western sanctions are designed to inflict maximum pain on Russia’s economy by expelling it from global markets and freezing assets around the world. From the moment they took effect three weeks ago, the sanctions have opened a new chapter in the country’s economic history.

Russia’s financial system and currency are collapsing on multiple fronts, forcing the Kremlin to close the stock market and artificially prop up the ruble inside its borders.

Practically overnight, the country’s 40-year effort to build a prosperous market-based economy that began under former leader Mikhail Gorbachev has failed, one more casualty in President Putin’s brutal invasion of Ukraine.

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Here's the tweet:

Link to tweet

[lapfog_1]

1. no... a bit farther back than that

to a time before the USSR existed.

[bucolic_frolic]

2. Not to mention the war ain't so great for climate change

to say the least.

[Wingus Dingus]

3. At some point, someone's going to feed Pooty some Novichok or Polonium.

He wrecked Russia in three weeks. Not even NATO could do that. There must be a lot of disgruntled people around him right now.

[Sherman A1]

4. Okay by me

I believe that farther back is better.

[onecaliberal]

5. Good. Ukraine has to rebuild a country.

[dalton99a]

6. Back to the good old days

[SoonerPride]

7. More like 100 years.

Even if they pulled out of Ukraine today, the world would not just go back to trading with them.

They are screwed for decades and decades going forward.

[dalton99a]

8. +1. It's going to take a long time to crawl out of the hole Putin has dug for them

[Stinky The Clown]

9. That was my thought, too. The clock for recovery starts when the world . . . .

. . . . allows them back, but only on probation.

[dalton99a]

11. And they have zero benefit of the doubt as long as Putin is in power

[SoonerPride]

12. Yes, rapprochement can only happen if there is a leadership change.

And even then the world would be skeptical.

[captain queeg]

10. This seems to be the most wide spread set of sanctions I've ever seen, with many countries

Involved, ones that haven’t previously participated. It’s already had a big effect and will only get worse for the Russians. When the entire global economy begins tanking even the rethugs will want to distance themselves.

To baby boomers the 60s were a time of historical changes, well probably for everyone, but growing up in that time anchors it to your memory. This period of history will certainly be remembered as pivotal, for good or ill. It might be a prelude to positive changes if we live thru all this. Or it could lead to an ever deepening class divide with the few settling into an unassailable privileged position while the vast majority suffers. This war might be a turning point that could lead to societal improvements. The whole world needs to change course. I had a CT friend who used to always talk about the big “reset” though he had a pretty dark view of what that might be.