Vladimir Putin spends big—and sends Russia’s economy soaring

Across the world worries are mounting about the economy. In America and Canada unemployment is rising, while consumer sentiment remains depressed. Europe continues to flirt with recession. Don’t even mention China. Yet there is one place where the mood is quite different. Despite fierce sanctions and pariah status, Russia’s economy is growing strongly. It turns out that bacchanalian spending, at a time of war, really juices an economy.