What was Putin thinking?

The New York Times today described Putin, 'in tones that were alternately pugilistic and needy,' complaining about how little the West understands him. The Western media are bad enough, but even the Europeans have wounded the Russians by insisting that Russian troops be withdrawn from Georgia. And, as the article notes, it isn't only the West; China and Serbia have avoided supporting Russia's recognition of Abkhazian and South Ossetian independence.

There is also domestic criticism within Russia. Paul Goble, an expert on the Soviet Union and its successor states, summarizes a very interesting interview with Russian historian Dmitry Furman. Furman argues that, aside from euphoria, the Russians have very little to show for their invasion of Georgia. Putin wanted to re-establish Russia's domination of its neighborhood, yet has no ideology, such as the advancement of socialism, to provide an overall strategy.

More ominously for Putin, as Goble notes, the decline in the stock market and the value of the ruble, along with the drying up of foreign investment and credit, has caused Russian businessmen, who don't say much in public, to transfer their assets out of the country. (Thanks to Ken for the link.)