Russia’s “Red Monday” brings the abject failure of the Kremlin’s aggressive, destructive politics into focus.
A rundown of the day’s highlights (from the FT):
- Before the Russian Central Bank’s interest rate increase from 10.5% to 17%, the Rouble had fallen over 10% and passed the Hryvnia as the world’s worst-performing currency.
- The RCB had reportedly tried several interventions during the day, with no success (it has already torched $80 billion this year trying to defend the Rouble).
- The Russian economy may contract 4.5-4.7% next year if oil remains at $60/barrel, according to the RCB (some credible forecasts see it at $50).
- Some Russian shopkeepers quit following the Rouble collapse and began noting prices in “conditional units,” a reminder of the 1998 crisis.
- Russia is now paying a higher rate on its dollar-denominated bonds than Rwanda at 7.22%.
- The MICEX index is down 26% in dollar terms in December.
Yes, you act just as expected. I can argue all new point you are still bringing here but has little interest so far until you prove your initial ‘unfair gas price’ and ‘whore percentage of total population’.
Who needs facts and figures when you can just throw a few more crap into a topic and post some cozy picture.
Who needs liberals when there are phony ‘conservatives’ like you?