From Russia With Love

We said the Russian equity market would collapse. It did. We said Russia might be the next financial crisis. It was. We said its currency reserves touted as a sign of economic stability were in fact nothing of the sort. Those reserves are now almost completely gone. And just in time for the recent post we had re the incredible Wall Street bullishness on emerging market equities, Russian stocks are now imploding again.

For the one thousandth time, Wall Street still doesn't get it. Game over. Russia's economy is most likely to collapse along with all other emerging markets.