Posted on 11/25/2024 1:14:09 PM PST by marcusmaximus
Russia's currency has dropped to its lowest level in more than two years against the dollar in the wake of new sanctions and soaring geopolitical tensions.
Russia's ruble continued to weaken against the dollar on Monday, trading at 104 against the greenback. The currency is now at its weakest level versus the dollar since March 2022, when Russia first began its invasion of Ukraine.
-snip-
The ruble's decline was also fueled by Russia firing a new hypersonic missile in Ukraine on Thursday, a retaliatory measure after Ukraine fired US- and British-made missiles into Russia earlier in the week.
Russia's new missile, which Putin called the "Oreshnik," is adding to geopolitical fears abroad, with the missile possibly being used to signal a nuclear threat, military researchers said.
The ruble-dollar exchange rate has fallen 14% this year, thanks partly to Russia's long list of economic concerns.
(Excerpt) Read more at markets.businessinsider.com ...
“Booming “ interesting term to use 😂
Yeah, well two years ago the ruble was worth 50% more than it is now.
What matters is GDP and Russia's economy is booming with at 3.9% growth rate, which is far better than we've had under Biden.
Nov 13, 2024
Not doubting the numbers, war increases gdp, question is does that increased gdp result in a better Russia for its people
I would say no, but pretty sure I know where you stand and that is fine.
Thus, the reason for the inflation rate and the higher interest rates.
None of this was suppose to happen. Biden's idiotic sanction war was supposed to leave the Russian economy in tatters. Instead, it hurt us and Europe and actually helped Russia.
Everything about this proxy war the Biden regime started has been a total failure.
Now, he's trying to setoff WW III before Trump gets back into office.
♥️♥️I miss Rush. ♥️♥️
I appreciate your perspective but I disagree with your conclusions.
The low unemployment numbers are a result of many factors, none ultimately good for Russia and the Russian people.
The loss of millions to emigration due to the war, massive expansion of the MIC, and losses in the hundreds of thousands killed and wounded as well as swelling of military ranks are responsible for low unemployment. That is not a sustainable situation.
The Kremlin as well as every oblast being forced to raise signing bonuses rates put extreme strain on budgets that are limited. The result is there is not enough funds and trained personnel to maintain basic infrastructure construction and repair requirements.
Last winter showed that, this winter is going to be worse.
GDP increases largely based on war production is not good overall for the average Russian citizen or the Russian economy in general.
Missiles, equipment, ammunition….. that is built and then expended or destroyed is included in your GDP numbers, but how does that benefit Russian citizens in the long run.
21+ percent interest rates, 10+% inflation and devaluing of the ruble are not positive measures. 104 rubles to 1 dollar exchange rate, even that is fantasy. Try going to your neighbor who has dollars and offer them 104 rubles for 1 dollar and see what happens. My guess is they will demand 150-200 rubles if they would exchange at all
Numbers are interesting things. As I recall the phrase goes something like “there are lies, damned lies, and statistics”
Again I appreciate your perspective, but I think it is flawed
It’s really best not to cherry pick dates.
Better is to look at a long term graph, such as a 25 year curve.
Hint: It ain’t pretty.
No, GDP is worthless as an indicator if a lot of production is of things that just explode or get blown up. No real wealth is created.
This is one of the primary reasons why the US economy superficially looked reasonably good for a while when we dumped lots of money into wars like Vietnam, then it all went to crap. (Vietnam being a great example of it all going to crap and then hanging there a long time after the war is over: Nixon, inflation, attempted price controls; Ford-ugh; then Carter-yikes!; finally the 1st couple years of Reagan B4 he got things turned around...)
Also, Russia’s inflation is high, interest rates are very high, and currency reserves are dropping fast, and it can’t manipulate things the way the US can with its control of the dollar. Nor can Russia go to the IMF for a loan. It’s only real recourse will be to go into hock with the Chinese. Yeah, that will work out well...
As for the ruble, take a look at, say, a 25 year graph. Cherry picking won’t fly.
The Russian economy is largely thriving because of the sanctions. It forced rich Russians to keep and invest their money in Russia.
Russian Derangement Syndrome makes one stupid.
WW II brought us out of a depression.
Russia wasn't in a depression before the present war.
Russia has its lowest unemployment is at all-time low.
Does that sound like an economy struggling?
Again, Russian Derangement Syndrome makes one stupid.
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