This would be fully comical if these people didn't possess nuclear weapons.
It continues to look to me as though nobody anywhere knows how our global economic systems are actually functioning.... SCARY!!!!!!
Russian Leader Accuses Central Bank of Economic Sabotage http://t.co/o0SIeWVVa4 pic.twitter.com/uFOQRuGEuM
— The Fiscal Times (@TheFiscalTimes) December 3, 2014
Yevgeny Fyodorov, a senior member of Putin’s United Russia party and chair of the Russian Duma’s economic policy committee, reportedly told Russian News Service Radio that the bank is “an institutional enemy of the country” and accused it of orchestrating a steep decline in the value of the Russian ruble against international benchmark currencies.
Currency markets are always a bit raucous as they clear during times of stress. The Russians should look at their oil soaked brethren: Nigeria and Norway or even marginal producers like Canada and Mexico and Australia, as all their currencies have taken a pounding too. And they aren't sanctioned!
ReplyDeleteWhen you sell your oil for less USD than before you lower your real terms of trade with the US... it goes on to "naturally" be reflected in the exchange rates...
ReplyDeleteWhat if they would just have kept THEIR oil at $100/bbl? And let their real oil export float... got to be one or the other seems to me... rsp
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