I am persuaded by Wretchard’s argument that Putin runs significant risks if he pushes this too far. And I don’t think it’s just a matter of what we do in response, but of how the plutocrats who keep their sham economy propped up react.

According to CNBC, Russia’s stock market was down yesterday — hardly a buoyant mood over the triumphant march through South Ossetia, or a vote of confidence in the war. I’m watching CNBC again right now, and Medvedev has just announced that they’re calling off the dogs for now — and the Russian stock market went up. If Putin presses the war, or an occupation of Georgia proper becomes an open sore like Afghanistan, the money men will not be happy, I think.

Also, if Putin wanted to goose oil revenues, it ain’t working. Oil down to $113 now. Gold lower than it’s been in months. The fear of global recession is trumping everything, and a new Cold War will only make things worse. Sluggishness in oil and metals demand will doom the Russian economy. Assuming that big-money interests have been signing off on Putin’s thuggishness, I’ll bet they turn on him if his clumsy imperialism spooks the global economy.