Posted on 07/28/2015 5:45:35 AM PDT by TigerLikesRooster
Russian ruble drops to past 60 per dollar
Moscow (AFP) - The Russian ruble on Tuesday plummeted past 60 against the dollar for the first time since March on falling oil prices, complicating the central bank's efforts to jump-start the battered economy.
The ruble reached 60.30 per dollar in early afternoon trading in Moscow after having lost two percent of its value on Monday.
The new weakening of the ruble, which comes after the embattled currency bounced back somewhat in recent months, is expected to further erode consumption and fuel inflation, which stood at 15.3 percent last month.
"Inflation is already extremely high, and another sharp fall in the ruble would fuel it even further, which, in turn, would intensify the squeeze on households’ real incomes," Liza Ermolenko, an emerging markets economist at Capital Economics, told AFP
(Excerpt) Read more at news.yahoo.com ...
What crisis is Vlad working on creating to raise oil prices?
Why do I want to buy a bumch of Rubles right now? I guess it’s the gambler in me. They do have oil and lots of minerals. Hmmmm.....
This is a very serious negative for Russian Economy, as their entire economy is based, at it’s core, on exporting lots of $90 per barrel oil.
Watch for Putin to do something to distract the Russian Great Unwashed.
Watch Obama NOT react.
(Tomorrow’s Headlines Today, right here at FR)
P!
It couldn’t happen to a more obnoxious KGB man. Good things have happened in Russia since the fall of communism. Putin intends to change that and take them back to the days of autocracy.
Real question: are there any silver rubles in circulation as in pre-communist days?
Silver rubles were so much preferred that an old peasant saying went, “A thousand in paper, or eight hundred in silver, and the cow is yours.”
What’s to back up the value of the paper ruble? Does Russia have gold reserves (they should, they stole all of Spain’s during the Spanish civil war)?
A currency is also backed up by the strength of the national economy. That’s lacking in Putin’s Russia.
Do they still arrest people for trading in greenbacks as in Soviet times?
Or, as in the case of the US, ten aircraft carriers.
When I visited St Petersburg in 1996 I was importuned repeatedly by Russians to buy rubles with my dollars. I did sell the relatively few I had in cash but had to decline most requests since almost all my money was in traveler’s checks. The ruble was feeble then and apparently hasn’t improved.
Looked it up. Value of Russian ruble has dropped by ~92% (~13 times) against dollar since January 1996.
Does this mean I can get a smokin’ deal on one o’ them Russian mail order brides?
Between Russia, China, and our stupid debt the world seems to be spinning out of control...
How many national economies are even capable of producing a single aircraft carrier?
Since there is a gargantuan amount of time, labor, blood & treasure invested in just one of our flattops, then ten of them says our economy is not doing badly if not ideally.
The Chinese are testing missiles that can kill a carrier with a single pop but that’s different subject.
30% off or 2 for the price of one.
Now the question is:
Do I go for the Svetlanas or wait until next week when Olgas are on special?
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