Here is an evolution of the rate of Rubble over a period of a little over 100 years.
Posted on 04/08/2022 9:20:23 PM PDT by E. Pluribus Unum
So what was the world’s best performing currency of the past month?
You guessed it: the Russian ruble. After plunging to 139 rubles to the dollar on March 7, the ruble staged a dramatic comeback to around 80 rubles to the dollar. That’s only slightly weaker than where it was for almost all of last year. The recovery is equally impressive when compared with the euro. At the end of February, it took 89 rubles to buy a euro. In early March, that climbed to around 145 rubles. Now it is down to 87.32.
On Friday, the joke among foreign exchange traders was that the Russian central bank was going to have to cut interest rates to keep the ruble from getting too strong and making its exports too expensive. That’s unlikely, but the point is important: the sanctions on Russia were intended to cripple its currency on the global market in order to weaken Vladimir Putin’s economy. The recovery indicates that the sanctions, even as they have been strengthened both by official measures and private companies renouncing business ties with Russia, are not working as advertised.
The biggest reason for this, of course, is natural gas. Russia began to demand recently that Europe pay for natural gas in rubles instead of euros. So far, only Hungary has announced its intent to comply with this, but it’s far from clear that the rest of Europe will be able to hold out. That would create a demand for rubles, especially from places where most of the saving is in euros. So the euro will fall against the ruble. Since markets are anticipation engines, that has already begun in advance of European capitulation on the currency issue.
(Excerpt) Read more at breitbart.com ...
What nonsense. The ruble went up because Russia offered 20% interest on ruble deposits.
How it it winning when every mortgage and business loan in Russia suddenly costs 10x what it did pre-war?
*Everyone has a plan until they get punched in the mouth
Did they not just cut their interest rates to 15% ?
They are at 17% now, but may be able to lower them.p to 15%.
Even that number shows how much of a disaster the Russian economy is. Compare say that beacon of stability Iraq. It has 4% interest rates at the moment.
International investors have vastly more faith in the stability of the Iraqi dinar than they do the Russian ruble. Deeply embarrassing for a country that still sees itself as a great power.
The Russian economy was supposed to have imploded by now, so the neocons are sending their shills out on all the boards to change The Narrative.
Interest rates are apparently the new Narrative.
Remember, the puppeteers of Ol' ShizzPantz had the senile POS mocking the ruble as "rubble" a mere week or two ago.
Great piece! Those of us not caught up in the propaganda fueled, “I support the latest thing!” nonsense saw this coming. The FJB admin screws up everything it touches. Including Russian sanctions!!!
The silver lining:
“What we have described here is the destruction of globalization and the fragmentation of the global economy into competitive but somewhat isolated trading groups. This will likely be uncomfortable for those who benefitted the most from the system that had been in place, particularly western financial elites and corporations who became dependent on Chinese manufacturing. If China refocuses on either exports to Russia or its internal market, its demand for dollars and supply of goods to the U.S. will weaken. Jobs will have to be re-shored, domestic factory production restarted, and domestic investment grown. So this could turn out to be a great time for American workers.”
Spot on!!! FJB shoots himself in the foot every time he tries to dictate his will to other countries. They are done with this American nonsense, and I don’t blame them a bit.
If the dollar is supplanted by another currency that is not made up out of thin air, and not used as a bludgeon to force social changes, I’m fine with it. It’s the only way to end massive deficit spending, aka Keynesian monetary theory.
Personally I’d rather have it tied to gold again, but that would end dems massive social engineering spending, so they’ll fight it at every turn.
So crypto will do just as well. Although crypto is the #1 target of globalist control freaks. They will absolutely make a big push to regulate or eliminate free market crypto, and implement FedCoin, aka CBDC.
Which would be one of the worst things to ever happen to the USA, if you like freedom and privacy. Fight it at every turn!!!
But the Ruble is not too bad. I’m fine with poking a stick up the arse of globalists.
“The Russian economy was supposed to have imploded by now, so the neocons are sending their shills out on all the boards to change The Narrative.”
And the State Department, with their clown car woke CIA. But yeah, and it’s annoying. Does anyone believe the propagandists? They used to be smarter, and more subtle. Wokism gives us stupid people everywhere. But hey, they can rattle off 72 genders!
They discovered with RussiaRussiaRussia and the stolen 2020 "election" that all they have to do is sell the idiot 40% who watch XiNN and PMSNBC, and deplatform anybody who says Nay from Fecesbuch, the Twittsewer and ScrewBloob.
Just mentioning it makes their eyes bleed.
Yes, the author is a flaming idiot. They never even mentioned the most significant factor, jacking the interest rate up to an insane level like other countries with destroyed economies such as Venezuela, Argentina, and Zimbabwe.
Here is an evolution of the rate of Rubble over a period of a little over 100 years.
Finally! A fellow FReeper who sees it as I do!
Most everyone else here who has weighed in on the issue of the U.S. dollar / petrodollar as the world's reserve currency has decried the possibility of it losing that status, for what it would do to our economy (which is based on debt).
I realize that it would be hard for America, but that it is necessary for us to end our addiction to easy credit (allowing infinite deficit spending and enabling a bloated big govt.).
Regards,
The quality of propaganda has definitely declined. But why would the best & brightest want to defend POOTUS’ 10% and help keep the catamite breeding camp in Ukraine running? Being a mere corporate shill pays better these days.
“Jobs will have to be re-shored, domestic factory production restarted, and domestic investment grown. So this could turn out to be a great time for American workers.”
If US industry and government committed to a 10 year crash program to restore U.S. manufacturing self sufficiency there would be a capital spending driven economic boom in this country unparalleled in our history.
The problem is young Americans, and multiple generations of welfare recipients don’t want to work. Plus, due to the mediocre public education system a significant portion of the population lacks the basic reading writing and math skills to perform most jobs. To restore the work ethic the welfare safety net is going to have to be removed for most recipients. Tough love, but the truth is starvation is great motivator.
The education system will also have to be revamped. Discipline and standards returned to the classroom. Basic skills taught and learned in primary and secondary schools. Poor teachers and administrators fired. An end to social promotion of underperforming students.
The federal government will have to get out of the higher education business in order to remove the money flow that has resulted in obscene overhead costs, worthless degrees, and progressive indoctrinated graduates with no skill of value to the workplace. States will need to shift higher education dollars from liberal arts university education to vocational and technical schools where industrial workers can be trained and apprenticed. Society will need to change its attitudes and value skilled labor and craftsmanship.
As for the multi-generational welfare dependent class federal and work programs such as the WPA and CCC will be needed to employ the unskilled able bodied idle people in jobs that will allow them to learn valuable work skills, in real public works projects, rebuilding the nation’s crumbling infrastructure.
From 1865, when the United States was devastated from four years of Civil War, to 1900, our nation experienced the greatest economic boom in history. By 1900 we had eclipsed the British Empire as the greatest industrial economy on the planet. It was also the period during which we had the highest import tariff rates in our history. Tariffs and duties fully funded the federal government. There was no federal income tax so working people could chose how to spend their money and many saved to start their own businesses. Economic prosperity was fueled by the ambition, dreams, innovation and creativity of entrepreneurs.
It can happen again.
Methinks Soros is meddling with Biden’s puppet masters consent
“Did they not just cut their interest rates to 15% ?”
Went from 20% to 17% last week...and then the Ruble got stronger for the week (and far stronger on Friday for a bit, before dropping slightly for the weekend). Ruble gained another 5% for the week.
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