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).
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.
A couple people are saying things like that in this thread. Obviously not everyone is an economics expert. This really started crashing like 2 weeks ago, and they are very near a point of no return. What I'm saying is, they don't have months. This is kind of already game over.
Tbh I don't know shit about shit. I was just making a flippant prediction that's more about America than Russia.
Only if they actually get a peace deal. Otherwise Russia still has EU sanctions and a war going on.
More like russian rubble , amirite?
They're called low hanging fruit for a reason
I'll never understand how economies work, I just assume it's all imaginary money.
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.
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.
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.
Maybe I should convert some freedom dollars to rubles and wait for the orange man to make them valuable again in the next few months....
Well this is the most wall st bets sort of thing I have seen on lemmy.
Why would you think anything will go up under orange man? The guy who is kinda famous for being an isolationist? The guy using tariffs to wage economic war on the USs closest allies?
I mean with the same sort of logic, buy South African Rands.
If you trade your USD for other currencies and the value of the dollar goes down against those currencies your get more dollars when you sell those other currencies for dollars. Thus this means that the value of the other currencies went up.
You get around 100 Rubles for every US dollar let’s say you buy 1000 Rubles with 10 dollars, if the value of the dollar goes to 50 Rubles (meaning the value of the Rubles went up) then you trade those 1000 Rubles back to dollars you’d get 20 US dollars.
Heeeeeey.
This is how folks get rich right here. Crazy ideas like this.
Well, that or they lose everything. Let me know if you do it so I can cheer you on.
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...
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.
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.
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.
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.
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?
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
I mean, it being as low as it once was doesn't mean it is going great.
uh oh
some truble
Fun fact: The ruble is worth only slightly more then shitcoin, I predict that soon it will overtake the ruble
That's the official trading rate. The black market rate is 1 ruble for an empty snickers wrapper.
Just a little bit lower and it will be cheaper than the toilet paper it's made from, as it should be.
Any indication of what changed?
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.
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.
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