Russians are buyin? Rubla is down 30% today.
Real fun will start when the dollar and the euro get down 30% in a single day.
Don't worry, Putin will tell you what the price of the dollar is and will force you to sell it at that price.
Quote from: https://www.reuters.com/business/finance/russia-hikes-key-rate-20-tells-companies-sell-fx-2022-02-28/
Russian authorities told Russian exporting companies to sell 80% of their foreign currency revenues on the market, Finance Minister Anton Siluanov said.
Sheer CCCP awesomeness.
I was expecting an uncontrolled collapse of ruble but looks like they diversified over third of their foreign reserves to China/gold. At least the complete ban from SWIFT is off the table, no one wants to touch gas/oil and Nordstream1. Russia bumps its interest rate to 20% and imposes foreign currency controls, but with oil over $100 they're in surplus, so looks like we might be going to good old war of attrition
Today, Marty Bent released his 2 hour+ Tales from the Crypt podcast interview with Paul London, and London makes some good points regarding how both the motivations of Russia and the likely outcome of the USA's seeming heavy-handed-ness with financial sanctions may end up causing some acceleration of the dollar demise that comes faster than anticipated.
London also describes that some of Russia's most recent missile technology developments that the USA denies , but ends up painting the USA in pretty handicapped position when it comes to playing any kind of nuclear card or any kind of direct-combat game with Russia.
Of course, since this is a Tales from the Crypt podcast there ends up being wee bit of a bitcoin angle to the discussion (at the end), even though London does not seems to be very bullish ab out bitcoin's role or likely fate. London seems to have some beliefs that governments have an ability to regulate Bitcoin into oblivion, so maybe London's current errors in thinking causes him to be more of a pre-coiner rather than a no-coiner? perhaps? perhaps?
