When Russian troops moved into Georgia, foreign investors moved out and the Russian market plummeted. When U.S. troops moved into Iraq, foreign investors hesitated but the U.S. market barely blipped. Is this a double standard?
Last year, there was an overwhelming amount of talk about banking reform, something akin to a river in the spring thaw. Despite all the verbiage, nothing was said about the single most important banking institution in Russia: the Central Bank.