Financial safety/ Russians have confidence in their government

In recent weeks, news from around the country has shown panic among bank depositors and long lines at currency exchange points. Reports on the exchange rate consistently make headlines. It might seem as if the entire Russian population does nothing but monitor the ruble's dramatic rise and fall against the dollar.

If almost any other country besides Russia were to experience such a rapid devaluation of its currency, its government or central bank head would almost certainly be forced to resign. However, during a three-hour news conference, President Vladimir Putin supported his government and the Central Bank for, "on the whole," taking the right actions.

In fact, Putin did not even deign to scrutinize the foreign exchange market, or to announce any measures for radically reforming the country's economic and financial systems. Putin apparently believes that the system he created is functioning properly and coping adequately with the situation.

Why Putin Isn't Worrying About the Ruble