TIME magazine chooses Vladimir Putin as its Person of the Year. Writes managing editor Richard Stengel (ever so eloquently, I might add):

TIME's Person of the Year is not and never has been an honor. It is not an endorsement. It is not a popularity contest. At its best, it is a clear-eyed recognition of the world as it is and of the most powerful individuals and forces shaping that world—for better or for worse. It is ultimately about leadership—bold, earth-changing leadership. Putin is not a boy scout. He is not a democrat in any way that the West would define it. He is not a paragon of free speech. He stands, above all, for stability—stability before freedom, stability before choice, stability in a country that has hardly seen it for a hundred years. Whether he becomes more like the man for whom his grandfather prepared blinis—who himself was twice TIME's Person of the Year—or like Peter the Great, the historical figure he most admires; whether he proves to be a reformer or an autocrat who takes Russia back to an era of repression—this we will know only over the next decade. At significant cost to the principles and ideas that free nations prize, he has performed an extraordinary feat of leadership in imposing stability on a nation that has rarely known it and brought Russia back to the table of world power. For that reason, Vladimir Putin is TIME's 2007 Person of the Year.