The biggest reason, however, for why I think Russia looks attractive to foreign investors is simply because of its political stability. Putin deftly proposed to devolve power out of the presidency and reorganize both his cabinet and the current government before the outbreak.

And while the final vote on these changes has been delayed because of COVID-19 they will very likely pass without incident when the worst of the crisis in Russia is over.

The same cannot be said for Russia's neighbors in Europe, where the response has been both heavy-handed and inadequate to stem the tide against the virus.

And given the extreme fragility of the European banking system the response on the financial side both fiscally and through monetary policy will destroy what little confidence exists there.

When no less than former ECB President Mario Draghi is writing in the Financial Times to justify dropping the fiduciary equivalent of a nuclear bomb on Europe, you know things are desperate.

You only bring out the big guns when things are ready for substantive change.

Read Draghi's words carefully and you'll notice the only time he references the past is to justify, what else, war spending. There is no other way to fight this fight.