“Russia,” commented financier George Soros last year, “is like a canoe in which seven men are fighting over a hoard of gold. They are too absorbed by this to recognize that they are heading towards a waterfall.” He was referring to what the Russian media often call the semibankirshchina or rule of the seven bankers, harking back to the semiboyarshchina – the brutal reign of Russia’s aristocratic officials and landowners during the 17th century.
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