How Ed Lucas singlehandedly defeated Russia

An interesting article in the late eXile:
Press Review: The Economist’s Three Stooges

I’d like to make a small contribution by reviewing the work of three Moscow correspondents for The Economist over the last ten years. Of course, its Russian coverage is far from the only of magazine’s bloopers. The list is long. There’s the famous March 1999 cover story predicting an “endless era of cheap oil,” which appeared the same week that oil prices began their steady ascent from the lowest point in a quarter century. Perfect timing! Then there were The Economist’s strident editorials in favor of Bush’s invasion of Iraq in 2003.

First up is Edward Lucas, the Moscow correspondent who in the annual glossy “The World in 1999″ issue, issued this prediction for Russia, at once gloating and apocalyptic:

“1999 will be the year of Russia’s disintegration… Trade between Russia’s regions will plunge at least until they hit on a stable, trusted currency in which to do business. That is hardly likely to be the rouble, and the planned coupons and currencies which some regions have been planning look equally unattractive substitutes… foreign invasion, albeit of a peaceful and benevolent kind, is exactly what Russia’s regions should want… The probable decline in Russia’s wealth in 1999 will be around 10%… expect yet another bleak and miserable year”.

How would you like your crow pie served, Mr. Lucas?

Another great article:
Edward Lucas: Stories From Myanus


One Comment

  1. Posted 18 March 2013 at 11:19 pm | Permalink | Reply

    Thanks for the shout-out, Vlad, and it’s good to know you’re still out there. Hey – only one more year until I get to claim my case of Stella from Felix! I’m pretty excited; I wonder if he’s forgotten.

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