Ukraine @sopuli.xyz Valmond @lemmy.world 2d ago

When your morning coffee tastes extra good (ruble at 108)

I think I can say that the ruble is in free fall

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Don't count your chickens before they hatch, or how does that idiom go?

Let's see if the current prediction around stagflation in the russian economy plays out (I very much hope it comes true).
- Currently stagflation is not a prediction, it's already clearly happening.
  And it's the bad kind of stagflation, where production isn't even stagnant but declining.
  We know for sure this is already happening in a big way in the food sector for major household items like eggs, butter, sugar and potatoes. With price hikes up to 70%, while the inflation is claimed to be "only" about 8%, which is twice the target of the Russian central bank. But in reality it's probably way more.
  
  putler really fucks over everyone but the very elite with his destructive vanity projects
  
  Even the Elite is being fucked over, their values like real estate is being confiscated all over the world, they can't sail their luxury yachts internationally, and the value of the companies they own are being bled by Putin to support the war.
  Obviously the elite is still filthy rich, but a lot of the privileges they used to enjoy have been taken away.
  
  But the poor are really suffering (as always), if you are on a state pension, you very likely don't have enough to eat properly already.
  
  I guess what I really meant is more downstream, global impacts from stagflation.
  
  I'm not sure what you mean "downstream", and I doubt there will be any global impact from Russian stagflation. Globally Russia is not a very important economy, and they're already heavily sanctioned.
  
  Ironically, if Putin had chosen cooperation with the west in 1991 instead of confrontation, Russia would have been the leading economy in Europe now, and Russia could have been as important to Europe as Germany!
  But the Moron Putin chose to burn it all the fuck down. Because apparently being #1 in Europe wasn't good enough!?!?
  
  Downstream, global in the cotext of the russian economy. Things like bank failures, significant drawdowns from reserved. Etc.
  
  OK if the banks fail too, it will be a VERY quick and hard crash. I must admit I have no idea how the banks are doing.
- That was my initial feeling when it broke through the 100 barrier (against Putins orders) and went all the way to 103.
  
  Last week lol.

34 comments