The Ruble Is Crashing

Business Insider ^ | 29 Dec 14 | Elena Holodny

[elhombrelibre]

The ruble is collapsing again.

The currency dropped by as much as 9.3% on Monday — the biggest decline since December 15.

This crash follows the Economy Ministry's announcement that GDP contracted by 0.5% from a year earlier, following a 0.5% increase in October.

"This is linked to sanctions first of all, oil and the panic we saw on the market in December. The damage to the banking system and consumer sentiment will take a long time to repair," Dmitriy Polevoy, the chief economist for Russia and the CIS at ING Bank of Moscow, told the Moscow Times.

[elhombrelibre]

That’d be great for working Americans.

[Sam Gamgee]

I say good, this time sanctions actually did function as intended.

[Sam Gamgee]

Well the Russians were too inept to actually embrace western styled economic and political freedom. They sort of missed that lesson moving from Tsarist stormtroopers to Communist genocidal maniacs.

[Sam Gamgee]

Again, good news. With a collapsing economy and population, soon we will no longer have to give a flying rats $%*& what the Russians are up to. They screwed themselves by rewarding contracts to insiders and screwing over companies from the West that came to invest.

[The Ghost of FReepers Past]

They screwed themselves by rewarding contracts to insiders and screwing over companies from the West that came to invest.

The specifics of that charge I cannot speak about one way or the other. I can say that similar things happen in this country all the time (changing the who came to help part). Corruption is a part of human nature that the entire world battles. Our Founding Fathers knew that. We too often forget and think we are somehow better than that.

[familyop]

The people of the nation of origin for the following video are certainly celebrating (re. the posted article here). You have to see this. Don't miss it, if you can view a YouTube video.

Thunderstruck by Steve'n'Seagulls (LIVE) - YouTube
https://www.youtube.com/watch?v=e4Ao-iNPPUc

Only a one-time ping, BTW. Thought y'all might get a kick and a laugh out of the ingenuity there, even if you--like me--don't care much for '70s rock and roll.

[familyop]

Those young men are in Finland, BTW.

[Tijeras_Slim]

That’s just wrong... but great!

[familyop]

That’s a perfect assessment, IMO. ;-)

[Eric in the Ozarks]

In the US, every $1 drop in WTI equals about 2 point 2 cents per gallon in gasoline.

[familyop]

Finland has become very politically correct over the past couple of decades or so, but one can see something very exceptional in them. Woe to any invaders who try to cross into their country uninvited.

[familyop]

Another one who's just wrong but great in the following. With conscription and 12-13 weeks' training, though, and like the others, he could do his part in repelling foreign threats. Anyone here like bagpipes?

The BadPiper - ThunderStruck
https://www.youtube.com/watch?v=oO1bGlyHDNU

[Capt. Tom]

Again, good news. With a collapsing economy and population, soon we will no longer have to give a flying rats $%*& what the Russians are up to.

Any nuclear powered nation needs watching.
Perhaps to help themselves out economically , Russian could sell nuclear weaponry to the Muslims in Iran for the right price.
The Russians could provide nuclear tipped rockets with a range that would include Israel but keep Moscow out of danger.

A lot of possibilities that could spin out of control. - Tom

[DoughtyOne]

If Putin hadn’t invaded his neighbor country and annexed land, I’d be right there with you.

He did. I’m not!

When the Russian people you love finally figure out what kind of bastard this guy is and remove him from office, I’ll join you in sympathy for the Russian people.

For the record, I like the Russian people. I think we and they have a lot to bind us together. Sadly, their leader wanted to play dictator, and it bit all of them on the ass.

[Bon mots]

[navyguy]

Not sure of how much they produce, but I suspect there may be more to the equation because their entire economy is so dependent on oil. Apart from oil weapons are about the only thing they manufacture, so when oil drops they lose a ton of revenue. In any case, it’s certainly hurting them. The ruble lost 7% this week.

[The Ghost of FReepers Past]

When the Russian people you love finally figure out

Stepping away from the issue specifics, it is funny how posters use "love Russians" as some sort os smear. I do not know any Russians to love or hate them. I do not agree with you on this issue. I'll leave it at that.

[JohnKinAK]

That’d be great for working Americans.
________________________________________________________

Unless you work in the oil business or support industries. The fracking boom is the only thing creating growth in the US.

[Joe Boucher]

gonna build up that army?
Come on Israel, Bring that natural gas to Europe ASAP.

[Nachoman]

I won’t celebrate this development. When a military power like Russia becomes economically ravaged, bad things could happen.