Snapshot
At first, Russia reacted to the global economic crash with denial. Then came a period of reform. What follows next will likely decide the battle between the country's liberals and hardliners.
The global economic crisis has revealed the folly of large U.S. budget and trade deficits, as well as of the strong dollar that makes them possible. If it is serious about recovery, the United States must balance the budget, stimulate private saving, and embrace a declining dollar.
