Submitted by Kenneth Rogoff on June 7, 2006 - 7:41pm.
"Poor oil-rich Russia. It is trying so hard to have its turn as chair of the elite Group of Eight countries taken seriously. Of, course, people who really want to be unkind will point out the absurdity of Russia’s membership in a club that includes the giant economies of US, Germany, Japan, England, France, Italy, and (less so) Canada. Why wasn’t Chinese president Hu Jintao, whose country’s economy is the world’s second largest (when measured at world prices), given a seat at the table instead of Putin? After all, even with all its energy resources, and even with today’s sky-high oil and gas prices, Russia’s national income is only about the size of Greater Los Angeles. ": Kenneth Rogoff