““In my first meeting with Vladimir Putin in the spring of 2001, he complained that Russia was burdened by Soviet-era debt. At that point, oil ws selling for $26 per barrel. By the time I saw Putin at the APEC summit in Sydney in September 2007 oil had reached $71--on its way to $137 in the summer of 2008. He leaned back in his chair and asked how were Russia's mortgage-backed securities doing.””
