Russia held an election. Drones hit Moscow during the election. The ruling party won the election. Putin said the election proved people support the war. The drones suggested some people had notes.
Partial results showed the pro-Putin party winning, which makes sense when you control who counts and also who runs and also who votes and also what winning means. It's like watching your buddy deal himself pocket aces for the fifth hand in a row and still asking if anyone wants to keep playing.
The timing here deserves respect. Holding a test of public support for your war while missiles actively arrive is bold. It's performance art. You can't buy that kind of on-the-nose symbolism. Someone in Moscow woke up, voted for the war party, then sprinted to a basement because the war arrived early for pickup.
Putin framed this as a referendum on Ukraine policy. The drones framed it as a referendum on Moscow's air defense budget. Both got their answers. One of those answers involved fire.
Retail traders saw this headline and immediately started scanning for the Russia ETF they bought in 2021 that's down 94% and somehow still sending them tax forms. They'll read "wartime election" and think it's a buying opportunity. They'll ignore the drones. They'll ignore the partial results. They'll ignore the fact that the election was as free as a timeshare presentation. They'll click buy and feel like Soros.
The ruling party is on track to win, which was never in doubt, but it's nice they went through the motions. Democracy is important. So is the aesthetic of democracy. Especially when the aesthetic includes real-time explosions for contrast.
Somewhere a day trader just added Russian parliamentary futures to his watchlist and asked his Discord if authoritarianism is priced in.
Photo by Valery Tenevoy on Unsplash
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