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Why, you ask, is the RUBLE soaring? Here are 8 REASONS. (Hint: Putin was PREPARED for sanctions.)
[DailyReckoning] Here Mish cites all eight Russian actions explaining the rocketing ruble:

  • Russia escaped Visa and Mastercard.

  • Russia still trades oil and gas with Europe.

  • Russia halted currency trades.

  • Russia enacted stock market restrictions.

  • Of Russian exporters, Russia demanded 80% of euros and dollars be traded for rubles.

  • Russia threatens to stop exporting key commodities including aluminum, natural gas, fertilizer, rare earth minerals, etc., driving up prices and the need to stockpile.

  • Sanctions cannot take away Russia’s natural resources.

  • The Fed can print dollars, it cannot print commodities. Likewise, the ECB can print euros, it cannot print commodities.

Is Mr. Shedlock correct? Is the consensus accounting correct? Is neither correct? Are both correct?

We do not know. In our untutored and unprofessional opinion, each side scores its points. Yet we are fairly certain of the ruble’s future — and the dollar’s future.

Both are bleak.
Posted by: Whineque Glaviling2795 2022-04-04
http://www.rantburg.com/poparticle.php?ID=629463