You have commented 339 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
Submit your comments on this article
Caucasus/Russia/Central Asia
Russian ruble now worth less than a penny as wartime sanctions cripple economy
2022-03-04
[Washington Examiner] The value of Russia’s ruble has collapsed to less than 1 cent after the United States and other Western countries applied biting sanctions against the Russian economy.

The ruble was down nearly 10% against the U.S. dollar on Tuesday at 115.68 to the dollar. On Monday, after a weekend filled with painful new sanctions, the Russian currency saw an even more precipitous decline of about 30%. The ruble was at about 84 per dollar late Friday before the harshest financial penalties kicked in.

The ruble is now worth even less than an Afghani, which is the currency of Afghanistan, a failed state that has been overrun and is controlled by Taliban militants.

The currency’s free fall was blunted a bit by the Russian central bank’s decision to hike interest rates aggressively, increasing them from 8.5% to 20% in order to bolster the ruble and prevent a run on the banks. Still, people across Russia have been seen lining up at ATMs to withdraw foreign currencies.
Posted by:Besoeker

#54  tw,

Read the great American critic Gary Saul Morson of Northwestern University for a brilliant, radically original interpretation of Tolstoy and Dostoyevsky. See Morson's brilliant analogy of "gold hidden among sand," and his radical notion that Tolstoy and Dostoevsky subverted the normal, causal progression of the novel with a technique that Morson calls "side-shadowing," ie the opening up of multiple, equally likely potential outcomes of characters' (human) actions.

Morison asserts that the true hero of Anna Karenina is actually Karenin, who literally saves the life of Anna's love-child with Vronsky - the child whom selfish Anna abandons.

Vengeance is MINE, saith the Lord

https://www.nybooks.com/daily/2021/06/26/the-prophetic-character-of-russian-literature/

Yours,
X________

Posted by: Enver Lover of the Welsh1827   2022-03-04 22:36  

#53  Oh dear — another charming Russian! Well if you click your heels when you kiss my hand like my father used to, Econ101forMorons, I shan’t blush and simper.

But life is not a Dickens novel and has no happy endings.

Such a Slavic outlook — of such thoughts is an Anna Karenina unnecessarily made. The poor girl chose to be unhappy, then chose to make herself and all around her even more unhappy; she could have decided to be happy, or at least content, instead. To some extent it goes to how one chooses to define the events of one’s life, and how one chooses to feel about them. The choices are not only, after all, whether the glass is half full or half empty, but there is also the possibility of gratitude that one can has a glass (or can contrive a fluid-containing container, whether temporary or permanent) and can find something nourishing to drink from it, however much or little that might be.

The fact that I exist, and my children, is a proof that Hitler lost, despite my parents’ decidedly challenging childhoods and early adulthoods. The fact that we meet here on the internet and end up discussing in comity is proof that the Soviet totalitarians lost — two wonderful things, indeed. How much happier an ending can there be?

Incidentally, Charles Dickens was an Englishman, my dear, not American. I highly recommend his A Child’s History of England, which I enjoyed as a child.
Posted by: trailing wife   2022-03-04 21:35  

#52  Oh SHIT:

"This will not come without some short-term cost to Beijing if the US chooses to impose sanctions on Chinese banks, but longer term SWIFT’s days as a monopoly are coming to a close. Even though SWIFT manages $400billion of daily transactions to CIPS’ $50billion, CIPS volume has been growing rapidly.

"If anything, the Ukraine conflict and the accelerating expansion of trade with Russia will further increase the size of CIPS, which will be a viable alternative to nations who would otherwise be vulnerable to Washington’s dictates.

"Certainly, as global polarisation increases, China will be less likely to submit reflexively to the current dollar-centric monetary system. If anything, the guarantee of a vast new source of oil, gas, and other strategic commodities from Russia will help to address China’s longstanding comparative disadvantage in these areas relative to the US, who have basically frittered away their unique period of dominance in the immediate aftermath of the Cold War.

"Whatever the ultimate outcome of the war in Ukraine, it will almost certainly accelerate the ongoing shift of power from Washington to Beijing."
Posted by: Omolurong Grumble8196   2022-03-04 21:31  

#51  oops
Posted by: Butch Sproing9189   2022-03-04 21:22  

#50  К господину Пруитту: Мы услышали куранты в полночь
Posted by: Econ101forMorons   2022-03-04 20:03  

#49  The spooky old castle that beckoned
To Oleg was chock full, he reckoned,
Of chicks, but he read
That Izolda was wed,
So he quickly beat feet. Forty-Second.



Seriously, fell asleep halfway through that last night. First time seeing it since what today they'd call childhood. Guess I'll have to finish it, now.
Posted by: Omeling Fleager5642   2022-03-04 19:50  

#48  She is a treasure! Paka!
Posted by: SteveS   2022-03-04 18:37  

#47  I just came for the chicks. But the Trailing One is taken, so
I
am
Outta here!!
💃🏽🕺🏽
Posted by: Econ101forMorons   2022-03-04 18:32  

#46  That level of interest by the SVR/FSB/Checkist at his skill level is most interesting. We must be interesting and somehow useful. I wonder how?
Posted by: NoMoreBS   2022-03-04 18:24  

#45  Oh, farewell, is it? Enjoy your apocalypse then.
Прощайте, голуби!
Posted by: Econ101forMorons   2022-03-04 18:10  

#44  Oh, I think there are plenty of Americans who "get it." Not enough to overcome the ones who vote for what we have now.

Ever was it thus...
Posted by: M. Murcek   2022-03-04 18:01  

#43  You have oligarchs, China has oligarchs, Russia India Brazil every one of the Lord's nations has oligarchs. They're the people who game the rules, who figure out the desired behavior when young and emulate it to the elite's satisfaction at every step along their road to power and money. Young Pioneers, ENArques, Harvard Oxbridge CPSU CCP .. its all the same. Steerforths, climbing and scamming and raping their way over the David Copperfields among us.

But life is not a Dickens novel and has no happy endings. Americans are naive hopeful children who ignore what Dostoyevsky and Tolstoy and Jesus knew about the truth of this Vale of Tears

Posted by: Econ101forMorons   2022-03-04 17:56  

#42  more financially advantageous than dispensing useless advice to morons? Hard to believe
Posted by: Frank G   2022-03-04 17:48  

#41  They all suck. They're all scoundrels, foolish thieves at best and plundering war criminals at worst
Posted by: Econ101forMorons   2022-03-04 17:48  

#40  But you cited call and put options info, something that is information closely held by market-makers to avoid positional advantage to other traders. It would require significant access to know the call-strike level and term.

I'm guessing it's that KGB training. No doubt our CIA guys could do it too.

Good question about why he bothers with Rantburg but I find some of the Russian trolls to be interesting even they are...somewhat biased. It's certainly not the kind of perspective we can get from CBS.

And, yes, Econ, we know that Nancy is a corrupted old hag. Question is, if we can be honest about our leaders, can you be honest about yours?
Posted by: Abu Uluque   2022-03-04 17:41  

#39  Seriously, I'd rather be a farmer now and for the next several years. This will be a VERY good year, probably a good five years, for nations and people who pull stuff out of the earth
Posted by: Econ101forMorons   2022-03-04 17:22  

#38  Don't put all your eggs in one basket. A stitch in time saves nine. A friend in need is a friend indeed. Only mad dogs and Englishmen go out in the noonday sun. Nothing is sure in life save death and taxes. There's many a slip betwixt cup and lip. War is harmful to humans and other living things. This is not financial advice
Posted by: Econ101forMorons   2022-03-04 17:08  

#37  Understood. You do not recommend purchase of Russian energy shares at current prices.
Posted by: Omeling Fleager5642   2022-03-04 17:03  

#36  ?? Don't ask me. Any financial advice you get is worth what you paid for it
Posted by: Econ101forMorons   2022-03-04 16:37  

#35  Couple of silly questions. Having ungratefully delayed taking last month's (or perhaps January's) advice to buy buy buy Lukoil and Gazprom, I seem nevertheless to have made a nice chunk of change by not buying them. Will they now be driven to zero, do you think, further rewarding my inaction? And if not, are we Americans permitted to buy (and perhaps someday sell) these filthy Bolshevist instruments?
Posted by: Omeling Fleager5642   2022-03-04 16:26  

#34  No.More.BS. Please
Posted by: Econ101forMorons   2022-03-04 16:22  

#33  Stunningly crafted dismissal. Thanks!
Posted by: NoMoreBS   2022-03-04 16:22  

#32  @NoMoreBS: NoMoreBS.

Now go away child, you bother us

Please stop the name calling and sophomoric ad hominem attacks
Posted by: Econ101forMorons   2022-03-04 16:13  

#31  Back to Tolstosheya, the Ukrainian bandit wrongly described by the Brit tabloids as Rooskie...

Ukraine's oligarchs are like Russia's oligarchs cubed. Even more brutal, even more corrupt, which is why Ukraine is as poor as any African shithole.

Merrill Lynch banker's story from back in the day: "In Russia you pay bribes but in Ukraine, they keep demanding bribe after bribe after bribe .."
Posted by: Econ101forMorons   2022-03-04 16:11  

#30  Such expertise, and so smugly provided, suggests a depth and professionalism in finance, and yet you are responsive here, a tiny little blogspace. Almost as informational influence here matters to you, and to the anonymous readers who pay attention to this as a source for opinion and policy whom you seek to influence?
Posted by: NoMoreBS   2022-03-04 16:06  

#29  ...was no doubt attributed to Pliny the Elder

PIMF!
Posted by: trailing wife   2022-03-04 16:02  

#28  Puts need not be disclosed but long positions must
Even amateurs can find these with two clicks
Their long-dated call positions are all over the internet ... enjoy
Posted by: Econ101forMorons   2022-03-04 16:00  

#27   Rothschild say, Buy when blood run in street

Also attributed to John D. Rockefeller and J.P. Morgan. But it’s the kind of truism that in earlier years was attributed to Pliny the Elder, and before that to wise old Uggbugg, who used to live in the cave on the next mountain.
Posted by: trailing wife   2022-03-04 16:00  

#26  ^ But you cited call and put options info, something that is information closely held by market-makers to avoid positional advantage to other traders. It would require significant access to know the call-strike level and term. Surely you can be m ore specific about how you knew...
Posted by: NoMoreBS   2022-03-04 15:55  

#25  @Rob Crawford
Don't know who pissed in your flowerpot but Pelosi's trades are public record (assuming you know anything about financial info sources). With a T+45 delay of course

Pelosi is friends with Republicans incl the Shansby's, who were close pals w John and Cindy McCain
Posted by: Econ101forMorons    2022-03-04 15:54  

#24  Her son's a crook
They're big socialites, party in Napa with billionaires
Posted by: Econ101forMorons   2022-03-04 15:50  

#23  He makes shit up.
Posted by: Rob Crawford   2022-03-04 15:35  

#22  Econ 101, your awareness of such details as Pelosi's graft is interesting, care to share your sources and means of access? Inquiring minds want to know, and you seem so eager to share...
Posted by: NoMoreBS   2022-03-04 15:31  

#21  Pelosi's too stupid to trade global equities
She only trades on inside info from her social circuit in California

Besides the old bitch is losing her touch... she and hubby Paul bought RBLX call options a few weeks back -- at a $90 strike
😂😂😂😂
Posted by: Econ101forMorons   2022-03-04 14:48  

#20  Anyone seen Pelosi's broker?
Posted by: swksvolFF   2022-03-04 14:41  

#19  All the Yeltsin-era oligarchs made their fortunes buying up assets worth billions when they were selling for tiny fractions of their true worth

Wish I could get me some Gazprom now. Damn, that's the steal of the century

Must be a way to buy it ... through China??
Posted by: Econ101forMorons   2022-03-04 14:40  

#18  Yes, grasshopper, that is how fortune is made. (And not fortune cookie either, know'm sayin' homes?)

Confucius I mean Rothschild say, Buy when blood run in street
Posted by: Econ101forMorons   2022-03-04 14:37  

#17  These oligarchs are being doxxed in real time, but no this isn't suspicious at all. It brings up a question I've been rattling around - under what pretense are these Russian Oligarchs being detained? Just shutting down everything Russian?

Give me a second to put my floaties on, and it is amazing the mechanisms in place to specify a specific currency and tank it almost overnight, but what, in theory, would keep a person from snatching up a whole bunch at penny on the dollar, knowing that, eventually, either it goes back up or Russia is destroyed, which means there are bigger problems going on than loosing a few dollars in a venture? If it goes from the 118:1 to the historic 70:1?
Posted by: swksvolFF   2022-03-04 14:29  

#16  Russian oligarch

Heh. The guy's real name was Tolstosheya. He's one of the original Ukrainian thieves, not Russian.

Wow, the propaganda mills are working overtime today
Posted by: Econ101forMorons   2022-03-04 14:28  

#15  I meant "2022" commodities boom that's already started for the BRICS

O'Neill started with "BRIC" Brazil Russia India China and later added "S" for South Africa due to its gold and PGM wealth
Posted by: Econ101forMorons   2022-03-04 14:25  

#14  Goldman strategist Jim O'Neill's term for the high growth huge economies of the global south (plus post-Yeltsin Russia) formerly know as "emerging markets"

Timed perfectly for the commodities supercycle post-internet bubble collapse.

In great position once again for the 2002 wartime commodities boom and NASDAQ bubble bursting
Posted by: Econ101forMorons   2022-03-04 14:21  

#13  Russian oligarch found hanged in UK home...
Posted by: M. Murcek   2022-03-04 14:18  

#12  BRICS?
Posted by: swksvolFF   2022-03-04 14:13  

#11  There aren’t any food riots in Russia (yet). So what are they purchasing their food with, firewood?
Posted by: Ebbuger Whuque4103   2022-03-04 10:43  

#10  
I think the kind of war Putin understands, the west is no more able to give it to him. And that's all he needs. Those stolid Ukrainians are the only ones that seems to know the language.

Posted by: Dron66046   2022-03-04 10:19  

#9  You really don't know what the hell you're talking about
Posted by: Econ101forMorons   2022-03-04 09:17  

#8  But, it's "backed by gold..."
Posted by: M. Murcek   2022-03-04 09:00  

#7  Can you say... blowback? I knew you could
Posted by: Econ101forMorons   2022-03-04 08:56  

#6  As of 0842hrs today it was trading for 0.0093 against the $US?

So its Cheaper to burn it in a fireplace to warm a room than it is to buy the firewood.
Posted by: NN2N1   2022-03-04 08:48  

#5  For all the trolls today:

Posted by: M. Murcek   2022-03-04 07:31  

#4  Why do the Russians want dollars for oil if they are trying to eliminate the dollar as a reserve currency? Shouldn't they demand we buy that oil with rubles?

/sarc
Posted by: M. Murcek   2022-03-04 07:22  

#3  Do the Biden 'Oil for Friendship' payments arrive via 463L pallets on unmarked planes, in the dead of night ?

Posted by: Besoeker   2022-03-04 06:57  

#2  Going to need all those (non-global domination) dollars from Biden's oil for blood program.
Posted by: Procopius2k   2022-03-04 06:47  

#1  Continue the sanctions until Putin is removed or dies of old age, and the behavior improves.
Posted by: Besoeker   2022-03-04 06:43  

00:00