Russian Ruble collapses

[JimH52]

Ruble hits new low Russia s shock-and-awe move fails to halt ruble collapse - Dec. 16 2014

Putin's aggression and the oil price plunge are taking their toll.

 

[Tom Sweetnam]

"In a dramatic overnight move, the Bank of Russia hiked interest rates for a sixth time this year -- to 17% from 10.5%"

You'd think Jimmy Carter was in charge over there.

 

[turzovka]

Ruble hits new low Russia s shock-and-awe move fails to halt ruble collapse - Dec. 16 2014

Putin's aggression and the oil price plunge are taking their toll.

I am not an expert on economic factors but I still say "wow." Something's gonna give.

I cannot help but think of that old Russian saying which very well may soon be resurrected: >>> "You pretend to pay us, we'll pretend to work."

 

[JakeStarkey]

This is what you get when you have Russia's equivalent of our Far Right in charge.

 

[Howey]

Ruble hits new low Russia s shock-and-awe move fails to halt ruble collapse - Dec. 16 2014

Putin's aggression and the oil price plunge are taking their toll.

I'm sure all The Pootin Lovers on here will be sending him their donations.

 

[B. Kidd]

Contagion in the morning.......bitchez!

 

[georgephillip]

Putin's aggression and the oil price plunge are taking their toll.

"It has now fallen close to 20 percent this week, taking its losses this year against the dollar to more than 50 percent and stirring memories of the 1998 crisis when the currency collapsed within a matter of days, forcing Russia to default on its debt.

"Although Russia's public finances and reserves are much healthier than in 1998, analysts say the country is on the brink of a full-blown currency crisis.

"At 10:10 a.m. ET, the ruble was down around 11 percent against the dollar at 72.80 RUBUTSTN=MCX after earlier racing past 80 roubles per dollar for the first time to be down around 20 percent at one stage from the previous close."

The Russian gangster state going belly up?

Russian ruble suffers steepest drop in 16 years Reuters

 

[mdk]

The economic sanctions and the drop in oil are really taking it's toll. I love it.

 

[JimH52]

Ruble hits new low Russia s shock-and-awe move fails to halt ruble collapse - Dec. 16 2014

Putin's aggression and the oil price plunge are taking their toll.

I'm sure all The Pootin Lovers on here will be sending him their donations.

Yeah, maybe Pootin can sell some selfies to the RW nuts....

 

[georgephillip]

The economic sanctions and the drop in oil are really taking it's toll. I love it.

Putin's blaming western speculators:
"President Vladimir Putin has blamed both the slide in oil and the ruble on speculators and the West. A weak rouble poses a major test for Putin, since his popularity in part depends on his reputation for guaranteeing prosperity and stability, and it stokes inflation."
Russian ruble suffers steepest drop in 16 years Reuters

 

[reconmark]

The economic sanctions and the drop in oil are really taking it's toll. I love it.

I guess he can go wrestle a bear now and everything will turn out better.
American Conservatives must be in a tizzy, the man in the WH has proven that the pen is mightier than the sword.

 

[SAYIT]

The economic sanctions and the drop in oil are really taking it's toll. I love it.

I guess he can go wrestle a bear now and everything will turn out better.
American Conservatives must be in a tizzy, the man in the WH has proven that the pen is mightier than the sword.

Or in this case, the pump is mightier than the sword.

 

[Tom Sweetnam]

Ruble hits new low Russia s shock-and-awe move fails to halt ruble collapse - Dec. 16 2014

Putin's aggression and the oil price plunge are taking their toll.

I'm sure all The Pootin Lovers on here will be sending him their donations.

Yeah, maybe Pootin can sell some selfies to the RW nuts....

He's ex-KGB and a self-admitted communist, genius. Talk about useful idiots. They're running wild in this thread.

 

[Tom Sweetnam]

The economic sanctions and the drop in oil are really taking it's toll. I love it.

Putin's blaming western speculators:
"President Vladimir Putin has blamed both the slide in oil and the ruble on speculators and the West. A weak rouble poses a major test for Putin, since his popularity in part depends on his reputation for guaranteeing prosperity and stability, and it stokes inflation."
Russian ruble suffers steepest drop in 16 years Reuters

Like the Russian polity has never been through tough times. It wasn't that long ago that they were all slaves, living in a marxist terror state. God bless Ronald Reagan.

 

[Old Rocks]

"In a dramatic overnight move, the Bank of Russia hiked interest rates for a sixth time this year -- to 17% from 10.5%"

You'd think Jimmy Carter was in charge over there.

No, Putin was stupid enough to bring boxing gloves to a chess match with President Obama. Saudi Arabia, the EU, and the US are about to teach Putin the lesson Russia should have learned from the collapse of the Soviet Union.

 

[Judicial review]

Putin is an asshole.

 

[Stratford57]

I guess he can go wrestle a bear now and everything will turn out better.
American Conservatives must be in a tizzy, the man in the WH has proven that the pen is mightier than the sword.

Oh, yeah... You guys do have a MAN in WH
Those of you who are happy to see Russian economy doing worse, better watch your own.

 

[thereisnospoon]

Ruble hits new low Russia s shock-and-awe move fails to halt ruble collapse - Dec. 16 2014

Putin's aggression and the oil price plunge are taking their toll.

On several occasions, I presented a scenario where US oil and gas production would result in falling market prices and an increase in US energy independence. While the latter has not occurred, our influence on the fossil fuel commodities markets has a had a dramatic effect on the economies of nations whose dominant economic driver is fossil fuel.
One of the outcomes of this scenario is coming to fruition.
The Russian economy supported almost solely by oil and gas has watched their currency take a huge hit due to falling market prices for oil and gas. Just 6 months ago, oil was trading at around $100 per barrel. This price allowed Russian oil firms to turn a profit. Apparently, due to the expense of extraction and shipping, Russian companies need the price to be above $90 per barrel.
The number one producer of crude oil, Saudi Arabia, has once again declined to cut production as a means to prop up prices.
This has angered the Putin regime. In fact just yesterday, Russia began selling off US Dollars. Presumably as a retaliatory economic strike against the US. It was a mere $2 billion drop in the bucket. Hardly a blip on the radar. More like ground clutter.

 

[thereisnospoon]

This is what you get when you have Russia's equivalent of our Far Right in charge.

Only a moron would make the feeble attempt to politicize this..

 

[SAYIT]

Ruble hits new low Russia s shock-and-awe move fails to halt ruble collapse - Dec. 16 2014

Putin's aggression and the oil price plunge are taking their toll.

On several occasions, I presented a scenario where US oil and gas production would result in falling market prices and an increase in US energy independence. While the latter has not occurred, our influence on the fossil fuel commodities markets has a had a dramatic effect on the economies of nations whose dominant economic driver is fossil fuel.
One of the outcomes of this scenario is coming to fruition.
The Russian economy supported almost solely by oil and gas has watched their currency take a huge hit due to falling market prices for oil and gas. Just 6 months ago, oil was trading at around $100 per barrel. This price allowed Russian oil firms to turn a profit. Apparently, due to the expense of extraction and shipping, Russian companies need the price to be above $90 per barrel.
The number one producer of crude oil, Saudi Arabia, has once again declined to cut production as a means to prop up prices.
This has angered the Putin regime. In fact just yesterday, Russia began selling off US Dollars. Presumably as a retaliatory economic strike against the US. It was a mere $2 billion drop in the bucket. Hardly a blip on the radar. More like ground clutter.

So with oil selling for $60/bbl, the Russians are losing $30/bbl. At what point do they cut their losses, cap their wells and plead for economic mercy? Surely with American shale production costs at about $50/bbl, a slowdown in our production might be in the offing.