First, just like other failed currencies from the Zimbabwe dollar to the Iranian rial and the Venezuelan bolivar, the exchange rate men's nothing since, you can't go to a bank and ask for dollars at that rate, making it even worse in Russia you can't even ask for dollars at all.
This is not something new it's the same thing as the Soviet ruble, you had three exchange rates
- the official at one rube to 1.35 dollars that stayed nearly the same for a decade despite the country going bankrupt at every step
- the same official rate for export and import companies and government officials where the rate was far lower but was still supported by the state
- the real rate that was sometimes x10 lower for any citizen that wanted to buy real $
This is again the same, they are trying to prop the currency to save face, you can't have a currency that is printed at 20% with bank deposit going up, everyone knows what happens when you do so, you have the Anchor/ Terra fiasco once more, the same insane rate with money that can't come from anywhere as there is no money left.
Well whoever have the energy resources will most likely going to rise up and Russia has the means to. The mainstream media are already realizing how misinformed we are when it comes to Russia's capacity. They were reluctant to publish these information before but now we are seeing it on Reuters. This network is known to rubbishly lie about everything we know about world issues but here they are. Gas and Oil made it happen as Putin asks to pay in rouble, its the law of supply and demand.
And despite having more gas and oil and getting paid in rubles the USSR still went down the drain.
So, what's the majik trick the country with one of the lowest GDP per capita in Europe, competing with Moldova and Montenegro will pull out of the hat this time?
