The only reason the ruble is holding is that Russia is offering a 14% interest rate. That has kept the currency from collapsing, but it also is destroying their economy.
A farmer who needs to borrow for the spring planting season is going to be paying 20%+ interest on the loan. Most farmers are thus having to plant less.
Silly. Every fiat currency is manipulated. The west just got outplayed here for the moment. The greenback printing so much money over the last decade. Where were you to say, the only reason the currency hasn’t collapsed is because of qe1,2 3 & 4. Also, at the barrel of a nuke the U.S arbitrarily forces Sauds selling to China to do so in dollars. Not exactly free floating currency. I think the people running the show are absolutely clueless. Repukes and Rats alike.
The only reason the ruble is holding is that Russia is offering a 14% interest rate. That has kept the currency from collapsing, but it also is destroying their economy.
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Many factors, China opened up about 80 banks in Russia recently, offering 8-12 percent interest, ( your quotes on Russian interest rates, I would like to see reference). and now the Yuan, Indian Rupee, and Ruble are convertible. That is more than half the worlds population dumping dollars, even the financial greats are saying prepare for 7-10 trillion in USD dollars coming home- the USD has been dethroned, like it or not.
Throw all those dollars coming home piled onto our inflation, ……
Vlad and Xi say checkmate.