MountainRaven
11-10-14, 14:36
What is a ruble and why is it in trouble? - Public Radio International (http://www.pri.org/stories/2014-11-10/what-ruble-and-why-it-trouble)
The Russian currency finally stopped its slide on Monday, after Russia's central bank announced it would stop trying to keep the currency within its "trading corridor" and allow it to float freely. The bank already blew $29 billion trying to prop up the ruble in October, and that's more than Russia can afford.
But while the move halted the ruble's decline, the longer-term economic forecast is still grim. The prices of oil and gas, Russia's main exports, are tanking. International sanctions, imposed over Russia's meddling in Ukraine, have crippled trade and investment. The country is now projecting no economic growth at all in 2015.
I believe someone was saying or implying something about how much more brilliant Putin was than Obama. Possibly something about Russia nuking the Petrodollar. I know nothing of these things... but it ain't looking good for Uncle Vlad.
The Russian currency finally stopped its slide on Monday, after Russia's central bank announced it would stop trying to keep the currency within its "trading corridor" and allow it to float freely. The bank already blew $29 billion trying to prop up the ruble in October, and that's more than Russia can afford.
But while the move halted the ruble's decline, the longer-term economic forecast is still grim. The prices of oil and gas, Russia's main exports, are tanking. International sanctions, imposed over Russia's meddling in Ukraine, have crippled trade and investment. The country is now projecting no economic growth at all in 2015.
I believe someone was saying or implying something about how much more brilliant Putin was than Obama. Possibly something about Russia nuking the Petrodollar. I know nothing of these things... but it ain't looking good for Uncle Vlad.