The economic condition in Russia is continuing to deteriorate due to a combination of factors, as the country's financial institutions try to intervene in order to head off a full-fledged monetary collapse.
As reported by Britain's The Telegraph newspaper, a former Russian finance minister is warning that the country faces a "full-blown economic crisis," and is now forced to take emergency economic measures. One of them includes the Russian central bank injecting billions of rubles' worth of liquidity into failing banks (bailing them out with public money, if you will).
Alexei Kudrin, a former finance minister and once considered an ally of President Vladimir Putin, said: "Today I can say that we have entered or are currently entering a full-blown economic crisis. Next year we will feel it in full force."
Dr. Paul Craig Roberts, columnist, author and former Reagan Administration Treasury official, noted that the old world order is beginning to shift dramatically, and it will continue to do so -- especially the global economy.
"Clearly, a large part of the world -- half of it or more -- is in the process of trying to reorient itself away from the West [by which he means primarily the U.S.]," he told King World News in a recent interview.
