Posted on 12/15/2014 11:16:32 AM PST by elhombrelibre
The Russian ruble tumbled 9.5 percent Monday to new record lows as falling crude prices pulled the rug out from under the currency of the oil exporting nation, with analysts saying the Kremlin needs to act to stop the free fall.
The plunge in the ruble came as the central bank warned the low oil price could trigger a contraction of nearly 5 percent next year and tensions surged with the United States over Ukraine.
The ruble broke through the level of 64 to the dollar and 78 to the euro for the first time even though the Bank of Russia apparently intervened Monday and has already spent about $6 billion so far this month to slow the currency's slide.
Russian news agencies said the ruble briefly jumped from 61 back to 60 on the dollar at around 1300 GMT, possibly due to the latest central bank intervention, but it did not stop a further slump.
Having lost over 49 percent of its value against the dollar this year, the ruble's slide is now worse than the 48 percent of the hryvnia in Ukraine, which is fighting a war and is on the brink of bankruptcy.
(Excerpt) Read more at uk.news.yahoo.com ...
Yo Puttie,
How do ya like me now?
Ya worm.
Someone else pointed out, however, that this is a great time for anyone buying a Russian mail order bride. HA.
I saw somewhere that the market value of Apple Inc is now higher than the imputed value of all companies on the Russian stock exchange.
I suspect Russia will be around a lot longer than Apple.
Probably, but it probably won’t be Putinistan if it is.
American female is dificult enough to deal with thanks.
No biggie. Just more worthless rubles to pay pensions and government salaries. As always with Kremlin dictators, it’s the Russian people who take the beating.
Yes, that ought to make you feel very proud of Putin! He can’t even run his economy as well as the Ukrainians whom he’s waging an undeclared and unprovoked war against. Oh, I know you’re proud to be an enemy of free societies and frequently praise Putin. How do you like him now?
Meanwhile the lines to the ski-lifts in Sochi are full of northern Europeans on holiday while the destitute Greeks look on with envy.
I would not be surprised if obama lifts sanctions on Russia in an effort to help out a fellow communist, I’m sure obama never expected this to happen and is sorrowful, after all sanctions on Iran had no real adverse effect.
Meanwhile the lines to the ski-lifts in Sochi are full of northern Europeans on holiday while the destitute Greeks look on with envy.
Having another Putinist day dream?
US oil producer are what made the Saudis decide they must take a chance with a bold move. Obviously, Obama had nothing to do with this. Hence, he'll be taking credit very soon and will be praised by the pro-Democrat media.
The more the Russian people starve, the more they will love Putin.
Pity the poor Greeks who wish they could devalue their currency but are mired instead in IMF depression levels of debt and unemployment.
Shale pushed the price down but I think Saudi is going all in on lower oil prices because of Russia & Iran. They want Russia out of their hood and Iran broke. Maybe that fruity Eurasian stuff spooked them.
You’re probably right. They’ll blame others.
Agree.
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