What we may be seeing is the beginning of the equivalent of the Hitler-Stalin nonaggression pact. Sooner or later, however, those two will be at each other's throats. Overall, I think Ferguson is on to something. It's clear that Putin is moving in an authoritarian direction and that democracy as we understand it is well on its way to being ended in Russia. The real question is whether or not the various crises that Russia faces - demographic, rebellious ethnicities, Chechnya, etc. will turn it into a full-blown fascist state. I think Putin wants to preserve at least a superficial veneer of democracy in order to appease the West (at least for the time being). However, I believe that radical Russian nationalism (of the antisemitic variety), is lurking in the wings.