For those wondering how Russia managed to contain the rout in its currency today, when it dropped from highs of USDRUB 80 yesterday to about 60, and leading to the biggest stock market surge in decades, the answer will be revealed tomorrow at noon Moscow Time, when Putin's annual address press conference will take place. As the rumor goes, both the central bank, the finance ministry and the Prime Minister [3], did everything in their power to stabilize the Ruble ahead of Putin's appearance, both through direct sales of dollars as well as with the already noted 7 measures [4]to stabilize the financial system.
And this year, perhaps more than ever, Putin's role will be simple: restore confidence. As Bloomberg reports, citing Mashla Lipman a political analyst in Moscow, "This is a moment of truth. It’s no longer possible to go on in the same fashion. The economy is tumbling. The time has come for a definitive choice. Doing nothing won’t solve the problem."
However with the live webcast starting at 4 am Eastern, it is unlikely that many Americans will be awake to watch it. So for those who are willing to wait for the cliff notes, and are happy with the preview, here are two clips prepared specifically for Putin's annual press conference. In lieu of the just cancelled The Interview, these may be a good replacement considering their Hollywood-worthiness as dubbed by the Telegraph.
As caught earlier by Marketwatch [5], here’s the video that’s been running on Russia 1 television station’s website.
The narrator’s line, "A year of tough decisions," is interjected as Putin intones, “We took upon ourselves enormous responsibilities and risks,” Again, the narrator: “And long-awaited victories” — against a backdrop of Olympic winners. And then more tough talk about “politically motivated sanctions represent a mistake and they [the West] should not have broken a mechanism of checks and balances.” And a menacing note: “Our American friends are cutting off the branch they are sitting on.”
Scenes of Ukraine, flags flying, world leaders, terrorists, explosions, missiles firing out of the ocean, a polar bear.
And in case the dramatic effect was lost with the first clip, here is another.
So the tension and the dramatic build up is there: the question is can Putin live up to it at a time when he may have no choice but to step up to the plate.
