Russia’s markets are facing the biggest test since the government defaulted in 1998. However, it looks like past history and a poor track record does not instill much confidence. Russia poured $44 billion into its three largest banks and halted stock trading for a second day in a bid to stem the most severe financial crisis since its devaluation and debt default a decade ago. We thought it was just a matter of time before we heard the truth from Russia.

Banks around the world struggled with losses sure to top $1 Trillion. The U.S., thanks to a bailout of AIG, is at $600 Billion and counting. The Russian interbank rate for overnight loans is at 11 percent. When Russia is involved many suspect an increased sale of weapons and secrets to the highest bidder.