The Century-Old Roots of Russia's Latest Mutiny

This is Bloomberg Opinion Today, undeniable proof?of Bloomberg Opinion’s opinions, by Jessica Karl .??Sign up here?.

Today’s Agenda

• Vladimir Putin’s?biggest mistake.
• An activist investor’s?board break.
• A “forever chemicals”?handshake.
• China’s climate action is?far from fake.

The Ghost of 1917

In 2015, while I was studying abroad, I spent a week in Saint Petersburg, Russia. What I remember most about that visit isn’t the gilded corridors of the Hermitage Museum or the?pyshki, dusted in?powdered sugar. Instead, it is a tour of a woman’s?kommunalka?— a communal apartment that had been in her family for generations. I recall removing my shoes before entering her living space, about the same size as a subway car except square. She lived on a floor with a dozen or so other tenants, all sharing a single?bathroom. A corner of the kitchen (also shared) had a set of shelves that opened to a courtyard, which in the winter?doubled as a kind of refrigerator.?They had a color-coded system to keep track of everything in the communal areas — toilet paper, soap, even light bulbs:

Kommunalkas, I learned, had been around since the October Revolution of 1917, when the Bolsheviks staged an armed insurrection in Petrograd (present-day Saint Petersburg). The coup attempt escalated into a full-blown civil war that lasted until the Soviet Union was formed in 1922. Today, these communal apartments?1?—?once praised?as an “advanced laboratory of future communism” — are a visual reminder of what the country endured.

I relay this memory now because over the weekend, Russian President Vladimir Putin?compared?Wagner military boss Yevgeny Prigozhin’s?stunning coup attempt?to that same mutiny of Russian soldiers in early 1917. The strange analogy “planted three parallels in Russian minds?that’ll be hard to erase,”?Andreas Kluth?argues. You see, in 1917:

1. There was?a rather unpopular Tsar — Nicholas II — who ended up getting?executed with his family.
2. There was a war going on — World War I — that Russia was losing.
3. There was about to be a revolution?and?a civil war.

Moscow is looking?more fragile?than ever, and the?symmetry?between past and present is enough to make ordinary Russians think — if they don’t already —?about which side of history they’re on. It’s now 16 months into Putin’s unprovoked invasion of Ukraine, and the Russian leader “feels he’s either losing the war or?failing to win it,” Andreas notes. Prigozhin, an ex-convict who started out as?a Kremlin caterer?and?hot dog salesman, managed to bulldoze his?mercenary force?through the southern Russian city of Rostov before making a beeline for?Moscow. The showdown — which ended in an abrupt agreement, with?Prigozhin seeking?exile in Belarus?—?“is the biggest public failure in Putin’s entire political career,” Ekaterina Schulmann, a Russian political scientist currently based in Berlin, told Bloomberg News .

Wagner Calls Back Advance

Although the?mutiny ended before it really began, it puts?Russia’s fatigue with Putin?in the spotlight. “The?lack of popular indignation about a mutiny?during an enemy counteroffensive has provided undeniable proof that the nation’s heart isn’t in the fratricidal Ukraine invasion,”? Leonid Bershidsky ?writes.?Russia’s history is?dotted with leaders?— including?Soviet President Mikhail Gorbachev —?who were shown the door after military misadventures. Whether Putin’s war in Ukraine will come to echo the aftermath of 1917?is?anyone’s guess, but as?John Authers?says: “It’s a safe bet that?Chekhov’s gun will go off eventually.” The calendar’s pages?have?flipped forward by more than a century — yet many Russians remain surrounded by reminders, sometimes color-coded,?of the fears of the past.

Bonus Russia Reading: Putin’s struggles are?a lesson?for his chief ally, Xi Jinping. —?Minxin Pei

Love on the Board

I don’t know what’s worse: the ex-Goldman VP who?insider-traded while drunk?on the squash court, or the activist investor who?put his girlfriend on the board?of the?drugmaker he’s about to go after. The second one is a bit more of a mouthful but in some ways it seems … worse??You tell me:

Alex Denner, “the head of Sarissa Capital Management, is stepping down from the board of drugmaker Biogen Inc. to pursue a campaign against one of its partners, Alkermes Plc. If that seems questionable, it is nothing compared to Denner’s solution for filling the seat he’s vacating. In a brazenly inappropriate act, Denner has determined that his girlfriend, Susan Langer, is the fiduciary Biogen and its shareholders need.”

ed hammond ?says Denner’s decision to have his?romantic partner get all buddy-buddy on the board with?Biogen — his?newfound adversary —?is, no doubt, “misguided on many levels.” It’s a double-decker conflict-of-interest sandwich that’s?enough to make Ed wonder: “Was there truly no one better qualified?” And also: What the heck are these two talking about at dinner??The whole thing is a major blow to Denner’s credibility, Ed writes, arguing that Biogen’s shareholders would be wise to block the?nomination, full stop.

Telltale Charts

You’re not alone if you feel like “forever chemicals” are haunting your every move. They’re?in our?leggings. Our?steaks. Even our?underwear. And they’re exposing us — and?our pets?— to a whole host of health issues, from?cancer to thyroid dysfunction. Last week, 3M?(the maker of Post-it notes and N95 masks) announced a $12.5 billion deal?to settle a series of?lawsuits that claim their products contaminated?drinking water?in a number of US cities with PFAS.? Brooke Sutherland ?says the “situation, while tenuous, could be sustainable for a limited period if this was the end of 3M’s legal challenges.” But this may be just the tip of the iceberg, she warns: “The company has resolved?only a portion of its PFAS liability?with the water systems settlement.”

This quote from?Carl Pope?might be the best evidence that America is a hotbed of narcissism:

“Majorities of Americans favor renewable and clean energy in place of coal and oil, but retain a deep suspicion that the US is again doing the heavy lifting.”

Or, to put it another way: We strongly?suspect that … we?are better than everyone else??Maybe it’s just years of trying to date in New York City, but this attitude sounds uncannily familiar. Even if we relish the feeling of a?cold shower?and have an?emotional support water bottle, that doesn’t make us the ultimate climate saviors!?In fact, “per capita, the average inhabitant of China is responsible for only half as much in greenhouse emissions as a US resident,” Carl writes, arguing that?the world has wasted precious time playing a climate blame game?that gets us nowhere.

Further Reading

Fatter paychecks aren’t a miraculous cure for?America’s teaching crisis. —?Bloomberg’s editorial board

Remembering Nobel Laureate?Harry Markowitz, a misunderstood economist. —?Aaron Brown

Myanmar’s military?is up to no good. The groups fighting back need the West’s help. —? Ruth Pollard

Don’t let creepy-sounding?“synthetic embryos”?scare you: Fertility research is important work. —? Faye Flam

The?“big picture” S&P 500 people?are powerless against serious market shocks. —? Jonathan Levin

Slutty Vegan?is a food chain that has defied the odds of a plant-based slump. —?Amanda Little

Why does Justice Neil Gorsuch defend?tribal rights?so fervently? —?Stephen L. Carter

ICYMI

The?heat dome?is coming.

Gucci wants to?smell good.

Ryan Reynolds?gets into F1.

The?White House?visitor log?mystery.

Kickers

Cannibalism is?nothing new.

Don’t throw your?mom’s ashes?at a concert.

Meta’s AI is used to make?sex chatbots.

The?Grimace shake?terrifies on TikTok.

The lost?Rubens painting, found again.

Notes:?Please send Grimace shakes?and feedback to Jessica Karl?at?[email protected].

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1. Perhaps you’re wondering: Why would someone choose to live in such cramped quarters? But it's not really a choice. To leave is a financial quagmire: To sell your apartment, you would first need to offer it at a base value to the other tenants. They could pool their money to buy the unit, sell it for a higher price and split the profits to make repairs to their spaces. Unless you had other means, you wouldn’t have enough money to afford a new place to live.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.