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Source: Vladimir Putin’s worst nightmare may be happening right now (CNBC)

"I think we are likely to see much more decline than anybody now predicts," he says.

Other observers say that while Putin can still count on the propaganda coup his state media machine has pulled off, it's only because Russians haven't had to cope with the downturn for long.

What is "propaganda coup"?

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A coup is a major achievement, often against odds. A propaganda coup is such an achievement in shaping public opinion.

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