It looks like the Mayans might have it wrong. The world will not end in 2012, as the calendar implies, but next year when Russia runs out of oil money.
According to new comments from Finance Minister Alexei Kudrin, the Russian government will have fully depleted the nation’s $120 billion oil reserve fund by 2010. Thanks to the Kremlin’s ill-fated quest to support the ruble and lavish support for money-loosing business, the lock-box of Russia's energy wealth will be empty in little more than a year.
Also reported, Russia’s economy shrank by 9.5% in the first three months of 2009. Definetly time to stock up on shot-guns and dry goods. That doomsday cult might have been onto something.