Henry Meyer and Ilya Arkhipov have post over at Bloomberg dealing with the mutual collapse of the ruble and possible slide of Putin’s internal credibility.
The meltdown of the ruble, which has plunged 18 percent against the dollar in the last two days alone, is endangering the mantra of stability around which Putin has based his rule. While his approval rating is near an all-time high on the back of his stance over Ukraine, the currency crisis risks eroding it and undermining his authority, Moscow-based analysts said.
This strikes me as very dangerous.
Read the whole thing.