ABSTRACT
In many countries, certainly most democratic countries, a crisis of the magnitude of the August-September 1998 events in Russia would have resulted in a comprehensive change of leadership. It may be difficult to focus on Russia's long-term potential to assume a major role in the international system when the country is seemingly trapped in an almost catastrophic economic crisis. Strikingly, Strobe Talbott's remarks lacked any reflection about the US role—and his personal complicity—in Russia's predicament. Accumulated scar tissue on the Russian side from such perceived indignities will hardly add to the strength of what the administration has called one of America's most important bilateral relationships. Russia alone is not likely to be able or willing to mount a serious challenge to American predominance. Russia's financial collapse was a logical result of the policies of the Victor Chernomyrdin and especially the Sergey Kiriyenko governments, which had relied heavily upon foreign borrowing to sustain federal budget expenditures.
