Holy shit 115 rubles per dollar?
That’s like 0.0086 USD
Looks like BTC at this point haha
BTC was $95k when I checked a few hours ago.
haha
Sanctions in full effect.
Any indication of what changed?
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.
The value of the ruble. It’s right there in the graph.
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.
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.
Russia failed in forcing the trading partners to switch to rubel, but the Russian companies are forced to convert earnings into rubel. At the same time most big export companies in Russia are government owned(Gazprom, Rosneft and other resource exporters). So this way the Russian government gets more money, but it increases inflation.
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 are no longer 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.
One time the homie showed me a meme of some stock performance charts and I just could not stop laughing
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…
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.
Perfect crop, comrade 🤡
They cropped out the banana.
“comrade”?
Are you implying that Russia is in any way more communist or less capitalist than the US?
Cause you’d be wrong.I think he implies that strategic cropping like that seems a lot like Russian propaganda.
If I call a colleague a “cumrade” I’m not implying they are some sort of cum-flavoured soda drink.
Why’d they add coconut?
Oh, so you know “Cumrade Cockonut” too??
Small world :D
Its true its not that dramatic on its own but this is after implementing a ton of measures to prop it up and cranking up the interest rate. The Ruble is struggling just to stand still and Putin is running out of ways to prop it up.
Their economy was never good. Many more people living there than in Germany, much larger country than Germany… And still economically worse than Germany…
They have the same economy as Italy.
I think I saw that they pumped interest up to like 21% at this point to control inflation. Could you imagine? It’s like 7% here in the US and it has made me -very- content with my current vehicle and house…
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
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
Edit: Oh I thought they were saying the first graph depicts it as worse than it is but it was the other way around which makes much more sense
The other commenter cropped their image right before the last massive drop in 2015
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
Understanding and visualizing are different things. Perhaps spend some skill points in reading comprehension.
That is literally illegal on the internet.
Why would you argue with a banana? You’re obviously not a banana.
Yeah but this clearly isn’t as a consequence of the war
Please tell us what happened in 2014…
Crimea was invaded in 2014.
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.
Perfect crop, comrade 🤡
lies, damned lies, and statistics
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
☝️
deleted by creator
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.
A ten year steady decline in the currency of a “world power” is no big deal. 👍
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!
According to some social media bubbles the world is flat and Xenu populated the earth
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?
I had one in the city that going by reviews was quite good
Now it’s a very nice Chinese restaurant.
Sorry….😢
I’m just amazed your comment made it through your clown government internet filter.
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.
It happened in 2022 and bounced back to 2 cents in just weeks. Trump comes back in weeks, I can see things looking better for Russia with Trump’s presidency. I might be wrong, maybe the whole world is going to shit with Trump.
More like russian rubble , amirite?
They’re called low hanging fruit for a reason
Shit, I just wanted to make that joke 😂
Guess I am not the only one.
I’ll never understand how economies work, I just assume it’s all imaginary money.
You’re basically right anyway.
Speaking basically they are right.
Speaking at medium understanding they are wrong.
Speaking at advanced understanding they are absolutely correct.
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.
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.
Effectively, no one can buy Russian goods so no one wants to buy Russia currency.
As such, it has low value as everyone is trying to get rid of something that is worthless to them, and a willing to accept a lower price to do so.
Or using high school economics- lots of suppliers, low number of buyers, value drops.
Think of it as demand, right now people want Russian money less.
This would seem like insider trading related to nuclear retaliation decision (whether weak or strong) that has been made. I’m unaware of any economic news from Russia.
That’s the official trading rate. The black market rate is 1 ruble for an empty snickers wrapper.
Reminds me of that bot I saw on one of the German speaking communities. Each time to say an ammount of money in Euro, it would then for example reply with “1 Euro, 2 DMark, 4 OstMark, 40 Ostmark auf dem Schwarzmarkt”. (“1 Euro used to be 2 German Mark, used to be 4 East German Mark, and 40 East German Mark on the black market”)
I thought it was yogurt tops. Damn you inflation!!!
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
Prepare for trouble !
And make it ruble!
They’ll just suspend trading again, likely until trump lifts sanctions. Value can’t fall if it can’t be compared in the market.
But currencies aren’t traded only on one exchange, but all over, surely you can’t suspend trading for currencies?
They can restrict official trading, I thought they already did something like that before, maybe not. Besides, market is mostly made by large players, what people can trade in the banks will make less of an impact.
Lost like 7 percent today (or percentage points, funnily about the same here).
Whoa do “percent” and “percentage points” actually refer to different things?
Yes. If you have a half full battery it’s at 50% full.
If the charge goes up by 50% you get a 75% full battery.
If the charge goes up by 50 percentage points it goes up to 100%
Yeah, “percentage points” is used to refer to a difference between two percentages.
For example, let’s say some company previously held 25% of the market, but grew and is now holding 50% of the market. The company’s market share actually doubled in size, which we could call an increase of 100%. Or, looking at it another way, because they grew from 25% to 50%, you can call it an increase of 25 percentage points.
Sounds like “percentage points” provides less information to the viewer, which explains the context I most often see it used.
Fun fact: The ruble is worth only slightly more then shitcoin, I predict that soon it will overtake the ruble
