A CRISIS IN FINANCE: "Asian Banks, Once Thought Safe From Crisis, Are Now Hurting," by Bettina Wassener, New York Times, 19 November 2008. ARTICLE: "Putin Vows to Avoid a Replay Of Past Economic Collapses," by Clifford J. Levy, New York Times, 21 November 2008.

Strong growth and a lack of exposure to the credit-default swaps were hoped to be enough, but there are no "independent" financial centers in the Core, so there is no zero-sum winning or losing here. There is only the collective need for demand to be stimulated. Note how, now, Putin's strong words and hectoring are reduced to merely promising his people that Russia won't suffer the same bankruptcy and international humiliation of 1991 and then 1997-98--meaning his core accomplishment is now being put at risk. That's why the hysterical crowd on Georgia over here were wasting their breath--the correction was preordained. Adding insult to that financial injury would have accomplished little but useless enmity that simply complicated the negotiations to come over more important matters. The grand strategist picks his battles carefully, and remembers that the clock is always on his side if he's smart enough to keep adding friends and reducing his enemies load.