“Ukrainian forces are counterattacking, and in many places, Russia appears to be losing ground,” Krugman observes. “One thing Russia has managed to defend quite effectively, however, is the value of its currency. — in response to its military aggression.”The recovery of the ruble, Krugman argues, doesn’t mean that the Russian economy is in good shape. “If Russia’s economy deteriorates as badly as most expect in the near future, it seems all too likely that the nation’s muzzled media will simply deny that anything bad is happening,” Krugman writes. It reflects, instead, an odd choice of priorities, and may actually be a further sign of Russia’s policy dysfunction.”

Source: New York Times April 05, 2022 22:12 UTC