Has Russia Learned the Lesson of Past Currency Crises?

"Memo to Vladimir Putin: When you are trying to prop up your currency in an environment where the market thinks it is overvalued, interest-rate hikes--even big ones--often don't work. The only reliable options are to either introduce capital controls or let the currency find its own level." If only I'd sent such a note to Moscow on Monday or Tuesday, when Vlad the Bad and his cronies at the Russian Central Bank were deliberating about how to address the plunging ruble. I could have saved them a ...