Skip to comments.Belarus devaluation spreads panic
Posted on 05/26/2011 5:28:17 PM PDT by dynachrome
MINSK, Belarus (AP) A sharp devaluation of the Belarusian ruble has spread panic across the country, with people rushing on Wednesday to buy dollars, euros, toasters and canned goods anything that will not lose its value as quickly as the national currency.
Belarusians swept store shelves and queued for entire days at currency exchange offices in a desperate attempt to protect their savings from the country's sinking fortunes.
President Alexander Lukashenko promised that the national currency will remain stable following the devaluation ordered a day earlier, but experts warned it will continue its nosedive if Russia doesn't provide a quick bailout.
Confidence in the ruble, whose value is fixed in Belarus, has dropped for weeks amid fears over the country's finances and the country's lack of support from its neighbors, both the EU and Russia.
Belarusian officials on Tuesday cut the ruble's official value against the dollar almost in half Tuesday to 4,930 rubles per dollar from the previous 3,155. The perceived value of the local currency is much lower, however on the black market it takes 6,000 rubles to buy a dollar
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Not a chance.
I've been told that this ship is unsinkable.
Makes me want to buy land.
Not a bad idea. I’ve been buying things that I’d like to have in the event our currency bites the dust. Planting fruit trees, berry bushes, learning how to grow spuds, etc. Got some pig butchering diagrams/instructions off of the internet as there are a lot of feral pigs hereabouts. If nothing else, I plan on eating.
“A sharp devaluation of the Belarusian ruble has spread panic across the country, with people rushing on Wednesday to buy dollars, euros, toasters and canned goods anything that will not lose its value as quickly as the national currency. “
IDIOTS...I can see toasters and canned goods (I’ve got 8 toasters and God knows how much canned goods), but WHAT IDIOTS to think that dollars (or even Euros) is a safe investment. They deserve their fate.
“If nothing else, I plan on eating.”
That’s the thing. Although precious metals make more sense than paper currency when there is instability, you can’t eat metal. Ultimately, that which sustains life has the most value.
I’ve also got chickens and when things get dicey I’m gonna get some rabbits. One buck amd three does ought to do it. I have also invested in gold, silver and plenty of lead. Speaking of which, I need to pick up some more .44 mag, .38/.357 and 7mm mag. Adios FRiend.
“Market Socialist” economy of Belarus used to be among the favorite things of leftists in Eastern Europe. They were always finding ways to praise it. Bet they feel stupid now.
Actually I know they won’t. Leftists are rarely influenced by reality.