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They’ll catch up over the next few months as we see a sharp decline in the value of the US dollar and Trump ending sanctions against them.
Holy shit 115 rubles per dollar?
That’s like 0.0086 USD
Looks like BTC at this point haha
uh oh
some truble
Just a little bit lower and it will be cheaper than the toilet paper it’s made from, as it should be.
Prepare for trouble !
And make it ruble!
well I’m glad I didn’t take action on my joke of “we should invest now while it’s at 10 cents!” at the start of the war lol
That’s the official trading rate. The black market rate is 1 ruble for an empty snickers wrapper.
I’ll never understand how economies work, I just assume it’s all imaginary money.
Speculative economics is literally definitionally imaginary. In this case, it’s because of real factors with Russia’s GDP - the massive amount of trade embargoes on Russia meaning they can’t really import or export a lot of the stuff they would have made money on, as well as them grinding all their young men (who would otherwise be working) into a pulp.
You’re basically right anyway.
All moneyis imaginary. Economics works by allowing some people with a lot of imaginary money to exploit (the planet and) people that depends on them by giving miniscule amounts of imaginary money, just enough to survive.
More like russian rubble , amirite?
They’re called low hanging fruit for a reason
I know we all want to believe Russia’s economy is way worse than ever and almost back in the stone age by now, but if you look at the long term, unfortunately it’s not that dramatic…
Perfect crop, comrade 🤡
“comrade”?
Are you implying that Russia is in any way more communist or less capitalist than the US?
Cause you’d be wrong.
Their economy was never good. Many more people living there than in Germany, much larger country than Germany… And still economically worse than Germany…
Your graph lacks any context. What is the Y axis?
It literally says in the title of the chart it’s rubles per dollar graphed over time
You are both correct. A decade is a perfectly acceptable time frame by which to judge forex, however the two decade window fills in additional context.
The issue is the crop has obliterated the starting value
True, but the way I see it, a graph shouldn’t be cropped and left without a labeled y axis, especially when making a point about long term-ness.
One narrative is about effectiveness of sanctions, specifically the ones levied at the start of 2022. Zooming out beyond 2015 doesn’t really change that narrative (no appreciable effect tied with a change that happened in 2022).
The other narrative relates to Russia’s big picture strategy. Undoubtedly by this measure, Russia is underperforming. We might conclude that the sanctions was effective only once, in 2014. Or just a bad economy for another reason that spurred war.
This guy graphs
☝️
Yeah but this clearly isn’t as a consequence of the war
So… basically when Crimea got stolen? I forget if that was also US sanctions, my selections memory remembers we were too soft on them back then.
It’s pretty dramatic. Interest rates, currency in freefall, no exports, imports too expensive, morgages failing, salaries dropping, brain drain, …
It’s pretty bad. They have some ways to go, the war chest is not empty, they can continue to print money they can hold of for another two years maybe.
We will see what trump does. But they are in a world of hurt no matter what happens next.
I mean, it being as low as it once was doesn’t mean it is going great.
An interest rate of 21% is also not an indication of things going great.
A ten year steady decline in the currency of a “world power” is no big deal. 👍
Actually, it’s not. But it’s not a world power either.
And a large decline in a single day, smaller than that steady decline in a decade can be quite a big deal. Or can be nothing. Nobody knows.
Russia has the same economy as Italy. We take them only seriously because of their nuclear weapons.
As an Italian… Not sure if proud or embarrassed…
You’ve got way better food though. How many Russian restaurants do you see around the world?
Sorry….😢
Yeah, the message I get is that a 10% one-day decline doesn’t look like much on the tail end of 70% losses. Worthless paper is worthless.
According to some social media bubbles, it should have dropped to 1/10 in the past 2 years.
Ah, the kremlin talking points “look your measures doesn’t work!!1! (So can you remove them, ok?)”
Nobody thought the ruble would crash one or two years ago.
But well, now is now and it looks like the funds have been used up, the inflation is at its maximum utility etc etc and now it’s crash time!
No fair you’re not allowed to provide context
What? I don’t get how it disproves the graph from the other commenter or anything else
By inverting the transaction it more clearly shows the trend between the two currencies.
Maybe if you don’t understand basic math? Those charts are just reciprocals
The other commenter cropped their image right before the last massive drop in 2015
That is literally illegal on the internet.
One time the homie showed me a meme of some stock performance charts and I just could not stop laughing
Any indication of what changed?
The value of the ruble. It’s right there in the graph.
US announced new sanctions on Gazprombank. The free-fall is fear Russia will be unable to collect revenues for exported gas, which is a huge swathe of their GDP.
Russia is running out of reserves. They managed to boost the Ruble once before when they forced their remaining trading partners to switch to it. Now that they bought up pretty much everything there is, the value will continue go down. I’ve seen a lot of people predict that this would happen in 2025, so this may be the beginning.
What does this really mean in relation to a country that regularly pretends reality is malleable?
We made a new currency, it’s all good, we will pay you with it instead!
Pretty much everyone including notoriously shady Chinese banks have stopped doing business with them and handing out loans. You can bullshit your way through all sorts of things but even for the most corrupt institutions the fun stops at “there’s no money”.
I guess the situation comes down to assets at that point, tanks, planes, boats… but, then, those are kinda being blown up, so, I dunno, Russia lol.
It’s probably not anything that recently changed. Economies are like rubber bands. They can stretch and run for a while in a deficit or without having proper upside cash flow while in a wartime economy, but eventually all of that has to come back. Russia has just had compounding economic problems (because they’re stupid) and now the hurting is starting to add up.
haha
They’ll just suspend trading again, likely until trump lifts sanctions. Value can’t fall if it can’t be compared in the market.
Lost like 7 percent today (or percentage points, funnily about the same here).
