He accused the West of trying to destroy and dismember Russia. He trumpeted the annexation of Crimea, which he called hallowed ground for Russians. And he said speculators were behind the dramatic decline in the ruble's value -- speculators he pledged to punish.
And over the 75 minutes that Vladimir Putin spoke, the ruble lost more than 1.2 percent of its value.
With the Russia currency tanking, oil prices falling, and the Russian economy reeling, Putin offered no apologies, no retreat, and no plan in his annual state-of-the-nation address -- a speech that can be summarized by three Ds: Defiance, Denial, and Delusion.
But despite the bluster, Putin's luck may be running out as the economic costs of his Ukraine adventure begin to hit home.
In the latest "Power Vertical Podcast," we look at Putin's big speech in the context of Russia's looming recession.
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Podcast: The State Of The Empire
Listen to or download the podcast above or subscribe to "The Power Vertical Podcast" on iTunes.