Russia is trying out the time-tested "What me? No crisis" approach to managing its current market problems:
The main channels have either downgraded or ignored altogether Russia’s financial turmoil since it began in mid-September, according to media monitoring companies and research by The Moscow Times. On Monday, for instance, none mentioned the meltdown in Russia or any possible repercussions from the crisis. Only the smaller Ren-TV and Zvezda channels mentioned the stock plunge, according to Medialogia, a private company that tracks the media. [...]
The Kremlin recently instructed both state and privately owned television channels to avoid using words like "financial crisis" or "collapse" in describing the turmoil in Russia, said Vladimir Varfolomeyev, first deputy editor at Ekho Moskvy radio.
"Specifically, the blacklist includes the words ‘collapse’ and ‘crisis.’ It recommends that ‘fall’ be replaced with the less extreme ‘decrease,’" Varfolomeyev said in comments posted on his LiveJournal blog late last week.