WHISTLING SNARLING PAST THE GRAVEYARD: Russia sees in credit crisis end of U.S. domination. Er, except for this:

But in contrast with other European countries Russia’s own financial system has been in steep decline over the past weeks, and regulators suspended stock trading three times. As in other emerging markets during periods of turmoil, investors have had a tendency to pull money out of Russia and to deposit it in U.S. Treasury bills.

Since the second week in August, when the war in Georgia and political tension with the West heightened concerns about stability in Russia, $52 billion in net private capital has left Russia, according to an investor note from Goldman Sachs.

The sad news is that the financial systems outside the United States have even lower standards.