Yes. Russia is largely self-sufficient. It’s only their suppressed populace and corrupt govt/business environment that keeps them from rivalling the West in prosperity.
Yes. Russia is largely self-sufficient. It’s only their suppressed populace and corrupt govt/business environment that keeps them from rivalling the West in prosperity.
———
Go deeper. Do beware they are fiscally responsible. Their debt to GDP is only 17 percent. Ours $34 trillion.( 125 percent).
Their consumer debt one of the lowest to. They do things the old way- save up for houses, cars, etc ( I know- I worked there for a long time), not much is purchased with credit, mainly because they maintain high borrowing rates. The US’s perceived wealth is because we have much-but most all was acquired through borrowing- DEBT, car/ boat payments, mortgages, student loans, etc..
For these reasons, Russians are in many respects “ richer” than US citizens. Currency failures/ devaluations, banking failures, etc affect them little as most “ own” what they have. The last decade of US “ free money” and credit expansion has unknowingly put a nail in our own coffin IF stagflation or recession hits us.