The Russian economy is in trouble. The price of the ruble is sinking.It's now worth 50 percent less against the dollar than it was a year ago, as the price of oil falls and Western economic sanctions tighten.Russia's president, Vladimir Putin, held his annual press conference this week and it lasted three hours.He tried to reassure the nation, but even as he spoke the ruble fell a few points more.We're joined now by Michael McFaul, a professor of political science at Stanford and former U.S. ambassador to Russia.Thanks very much for being with us again.Sure, thanks for having me.It wasn't so long ago that rich Russians were strutting a little. What's happened?Well, just what you described.There's been fall in the oil prices, which has had a big effect on the ruble; exacerbated by the sanctions,in my view, and suddenly a confident Putin and a confident Russia is no more.I think growth is next to zero by the end of the yearand many people are predicting negative four ― maybe even negative 5 ― percent economic contraction next year.Does anyone in Russia say ― are they bold enough to now say in public that invading Crimea doesn't look like such a smart move?Bold enough in public ― that's an interesting phrase.I would say no to that, but that said, lots of people are now beginning to raise that quietly.And the trade-off, economically, for what happened in Ukraine is becoming a serious issue that people are discussing.One person who's not discussing it that way, however, is President Putin
