Posted on 08/13/2023 11:31:46 AM PDT by marcusmaximus
Vladimir Putin suffered a humiliating blow on the world stage this week after the Russian ruble crashed yet again, with one Ruble now worth exactly one US cent.
One hundred Rubles is now worth just one dollar, as the Russian currency appears on the verge of collapsing. The currency crash is the latest humiliating blow for Vladimir Putin, who has poured billions into his war with Ukraine. The stunning decline of the currency sparked a televised meltdown this week among Kremlin allies.
remlin propagandist Vladimir Solovyov, who is often seen as a mouthpiece for President Putin, demanded an explanation from the Russian Central Bank for the crash.
The furious TV host remarked that Russia was now a subject of global ridicule.
He said: "They are laughing at us abroad, at our ruble being one of the three weakest currencies."
Meanwhile, one British pound is worth a stunning 126 Rubles, as of writing.
The pitiful dollar exchange rate is the Ruble's weakest level in 16 months.
Mr Solovyov told viewers on his popular Russia-1 programme: "The bloody Central Bank, which has alarmed the whole country and isn't even explaining why the hell the ruble exchange rate has jumped so high.
"Thanks to the 'genius' policy of the Central Bank which despises the people so much that it won't even say a single word to them about what it's doing!"
He turned to his country's politicians, saying: "Have you not noticed the exchange rate we have in the country?
"Have you sent even one request to the central bank? So these people come and explain to people what is going on?"
He warned that the inflation rate could peak during President Putin’s re-election campaign, with a vote scheduled for next March.
(Excerpt) Read more at express.co.uk ...
The Ruble is merely at the bottom of its 10 year range vs. both Chinese Yuan and Rupee - and also Japan Yen.
The Ruble chart indeed looks weak, I would not buy it now.
BUT regardless, this event is a US Dollar event. This is not a story about the Ruble. The US Dollar is universally strong against all currencies. which is a very clear sign of stress in markets around the world.
Let’s check back again in the near future when S&P 500 is down 20%. Fed will be forced to pivot on interest rates and QE as well.
Japanese Yen is collapsing as well. Near 30 year lows vs. USD
Same with Chinese Yuan, Indian Rupee
Are we at war with them too?
Thanks. Still laughing!!!
But I read on the posts that the Russian economy was doing great. Why do they lie to us?
A couple years ago, that debt would have been 432B rubles. Now it’s 34,600 B rubles.
There is no way you can spin that as a positive. What-about-ism ain’t gonna buy any spare parts for Russian industry.
You think a surplus of wheat is going to help? I don’t think you understand what surpluses do to prices.
The Putin Ruble is down 40% in a year versus USD!
China Yuan is only down 7%.
India Rupee is only down 5%.
Putin Ruble down 40%.
Japan Yen only down 8%.
It's a political forum.
Yes, the Ruble is weak, among a very weak bunch of currencies, all week against the US dollar.
But keep adjusting your charts, twisting and spinning.
Someone may actually believe Ukraine and Biden are winning!
Putin Ruble down 40% in a year.
Putinomics!
LOL!
Putin Ruble Down 40%!
2nd Worst performance in the world behind the Angolan Kwanza!
Putinomics stronk!
And yet….
I thought you told us all the Ukrainian grain was going to the EU.
But, that’s ok. I’m guessing the Ukies would prefer customers who can actually pay for the grain with currency worth a damn, anyway.
And yet I still don't pay much attention to freepers pontificating on economics.
Most of them are clowns when it comes to that subject, like the original thread poster.
"In May 2023, the European Commission agreed to impose a ban on Ukrainian imports of wheat, corn, rapeseed, and sunflower into Bulgaria, Hungary, Poland, Romania, and Slovakia until September 15."
Kazan knows this, due to the excellent geopolitical information outlets that he follows.
Try to keep up.
Better yet, stay in your lane, begging for computer help.
Biden sure as heck isn’t winning anything at this point. The Ukies are holding their own, not great, but better than I expected given the popgun support we are sending them.
Putin intentionally crashed his ruble by 40% so he can sell wheat to starving Africans?
LOL!
Putinomics stronk as bull!
Irrelevant. It is the prior accusations by pooty trolls that I was addressing. They (and you) can’t have it both ways.
Do try to keep up.
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