Russian invasion of Ukraine

Reported 4k North Korean casualties out of the 10k sent already. Savage attrition.

Nobody’s told them that Ukrainian troops don’t have a preset kill limit.

(Joking of course but at a certain point there must be a hefty psychological impact on the Ukrainians from such abject disregard for that amount of lives)

https://www.youtube.com/watch?v=8JQvG-ik_Gg

Drone operators "who found it easier to eliminate North Korean soldiers than their previous training targets."

There's some hope on twitter that the Russian economy is so dire that Putin and the war can't last much longer. E.g. Jason Jay Smart of Kyiv Post:

"Russia’s Economic Collapse: The Looming End of Putin’s Regime

The Russian economy is imploding, threatening Vladimir Putin’s grip on power. His Keynesian strategy to counter Western sanctions—based on subsidized spending and artificially low interest rates—has backfired catastrophically, plunging the country into a boom-and-bust cycle now entering its most devastating phase.

The housing market, propped up by state-subsidized mortgages at rates as low as 7% (despite real inflation estimated at 27% by Dr. Steve Hanke), is collapsing. Mortgage debt has surged to over 40% of bank lending portfolios, while household debt is at a record 22% of GDP. Once dominating housing transactions, mortgages now make up only 20% of sales, with 80% being cash purchases. Sellers are slashing prices by up to 50%, and non-performing loans are soaring, threatening to sink regional banks, which hold 40% of the market. Developers, crippled by overbuilding during the boom, are defaulting on bonds, leading to widespread losses across the construction sector.

The ripple effects are devastating. The Russian stock market has seen all sectors decline sharply, with Gazprom down 16.7%, Ozon 23.7%, and RUSAL 23.8% in just one month. Inflation has spiraled out of control, forcing the cost of potatoes to rise by 80% this year alone, with car prices expected to jump 20% after New Year’s. The ruble has lost over 10% of its value three times in a single month, reflecting deep structural weaknesses. Russia’s national budget, calculated on oil prices of $72 per barrel, faces severe strain as global production rises and prices fall. Experts predict the ruble may require a devaluation of 22-35% to sustain government spending.

International support is absent. China, dealing with its own economic woes—including an 18% youth unemployment rate and a real estate debt crisis—has limited capacity to assist Russia. Furthermore, China conducts > 60% of its trade with the U.S. and Europe versus around 2% with Russia and is unlikely to risk sanctions for a marginal ally.

Public dissatisfaction is growing as the economy crumbles. Living costs are skyrocketing, wages are stagnant, and layoffs are widespread. In 2024, over 130,000 jobs were cut in 457 companies, including global tech giants like Tesla, Amazon, and Google. The regime’s promise of economic stability is collapsing, and so is Putin’s political contract with his people.

Historically, economic collapse has toppled autocrats, and Russia’s current trajectory mirrors these patterns. Putin’s inability to stabilize the economy or shield ordinary Russians from hardship is eroding his legitimacy among both the public and the elites. With rising discontent, fractured loyalty from oligarchs, and economic freefall, Russia is on the brink of political upheaval. The collapse of Putin’s regime may no longer be a distant prospect—it is rapidly becoming an imminent reality."

Is that Ukraine punching through towards the artillery unit, or Ruzzia nearly enveloping them? Hoping it’s the former but it looks like the latter.

I’m currently in SE Asia and the number of Russian tourists is pretty amazing both in the big cities and on the coast. I have a feeling if the middle class can have their tropical winter breaks in the middle of the war, Putin won’t lack for support.

similar in middle east

Been like that since day one. In some markets they’ve gone from the fifth largest source market to number one. Absolutely nuts.