Why China Can’t Bail Out Putin’s Economy
By Paul Krugman (sorry)
https://www.nytimes.com/2022/03/07/opinion/china-russia-sanctions-economy.html
In deciding to invade Ukraine, Vladimir Putin clearly misjudged
everything. He had an exaggerated view of his own nation’s military
might; my description last week of Russia as a Potemkin superpower, with
far less strength than meets the eye, looks even truer now. He vastly
underrated Ukrainian morale and military prowess, and failed to
anticipate the resolve of democratic governments — especially, although
not only, the Biden administration, which, in case you haven’t noticed,
has done a remarkable job on everything from arming Ukraine to rallying
the West around financial sanctions.
I can’t add anything to the discussion of the war itself, although I
will note that much of the commentary I’ve been reading says that
Russian forces are regrouping and will resume large-scale advances in a
day or two — and has been saying that, day after day, for more than a week.
What I think I can add, however, is some analysis of the effects of
sanctions, and in particular an answer to one question I keep being
asked: Can China, by offering itself as an alternative trading partner,
bail out Putin’s economy?
No, it can’t.
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