We are being told not to storm the currency exchange bureaus, where people are already starting to fight over dollars. Meanwhile, experts are recommending that people divide their savings between rubles, dollars and gold.
What? The dollar? But I thought the dollar was washed up. A has-been. Why aren't they buying Euros?
But regardless, a weak ruble is a threat to all of those things, especially if you look not only at the past month, when the Russian currency dropped by 11 percent compared to the dollar, but also at the whole past year. The value dropped from 27.5 to 33.5 rubles per dollar over the course of last year, a 21 percent drop. That enormous plunge is a hidden devaluation.
The Central Bank has spent $10 billion buying rubles over the past month in an effort to prop up the currency. At the same time as reserves are being depleted, there is an economic crisis looking through the window at us. We have decided to believe that the economic crisis ended in 2009, but in reality it just shifted. The crisis started to tiptoe back last fall, and is now advancing with brisk steps.
Well at least there is no chance of an aggressive strongman coming to power, who would use natural gas or military power to intimidate good ole Europe.
GasPutin already turned off the gas supply to Grease for non-payment, so what do you suppose is next.
Hard to imagine that a nation that vast, unshackled by niggers and other LGBTLT scum with all those natural resources could be so dysfunctional. But what do you expect, when the intelligent ones were either killed or chased out almost a century ago.