Vladimir Putin’s ruble is now worth less than a penny, infuriating his inner circle
“They’re laughing at us.”
On Amazon you can get a 24pk of Charmin toilet paper for $37. That's $1.56 per roll.
There are 150 sheets of toilet paper on a roll so that's $0.01⁰⁴ per sheet.
The Russian ruble is at 101.00R to $1.00USD, making it equivalent to $0.00⁹ (9 mil) in USD.
It's now officially cheaper to wipe your ass with Russian money than toilet paper
If you use 1 rubel coins, sure. Personally, I prefer to splurge on TP.
Let me know once the 50 rubel note is cheaper than a sheet of TP.
Shows that the $60 oil cap is working. The Russian central bank will likely raise interest rates to halt the slide. Unless Russia can boost it's exports or reduce it's imports there are no other options. Putin is unlikely to reduce spending on the war so in the end it is ordinary Russians who will bear the brunt of this.
It's what they choose through inaction
I don't think that's fair. Yes, some are supportive of the invasion, some are passively complicit, but those against it are likely afraid to speak up. They have to think about their future and their loved ones. People were being arrested for literally standing and holding a blank sheet of paper in protest, and in Russia I don't think the legal system is quiiiiite as accountable and human-rights-ish as in the US. It's easy (and a bit shitty) for us to judge those not willing to put their life on the line for Truth when we're behind a keyboard and not the ones taking the risk.
Every population ever had to suffer before they decided revolt is a good idea. When they are dying and have nothing left to loose. That's when stuff happens.
Ordinary Russians either support the war or have no qualms with it. Maybe if it starts affecting their day to day life, some of them will change their stance.
you can only artificially prop it up for so long
Well yeah, no shit, it was kind of expected.
It lasted one more year than it should have but now the pressure will gradually and slowly build up on Russia's side.
All Ukrainians have to do now is defend, chill out and wait.
Your move, Putin.
"They're laughing at us."
Narrator: They were.
Well, to be honest the ruble has been sucking for a while:
https://www.xe.com/currencycharts/?from=RUB&to=USD&view=5Y
However, it now sucks more.
Looking forward to Russia becoming China's shittiest vassal state.
It already is. The doubt is when will it "sell voluntarily" Siberia to China.
Putin's war crumbled its worth.
This is the best summary I could come up with:
On Sunday, images were shared online of a small symbolic protest mounted in western Siberia: A building’s chyron kept repeating the message that “Putin is a dickhead and a thief,” calling the ruble’s exchange rate “crazy.”
Nonetheless, Russia’s central bank decided to freeze purchases of foreign currency on the domestic market through the remainder of this year to restore faith in the sliding ruble.
The economic situation in the United States by contrast is deteriorating fast,” then Fox News host Tucker Carlson, a chief critic of U.S. aid to Kyiv, said last April.
Nabiullina was celebrated for cleverly steering her financial system through the worst of the turmoil by placing a range of capital controls that quickly stabilized the currency and prevented mass outflows.
“They were a quick fix for the ruble in 2022, but are counterproductive in the long run,” wrote Janis Kluge, senior associate at the German Institute for International and Security Affairs, last week.
The Russian army is attempting to defend large swaths of territory seized in the early months of the invasion against a Kyiv counteroffensive boasting modern Western military equipment.
I'm a bot and I'm open source!
Well yeah, no shit, it was kind of expected.
It lasted one more year than it should have but now the pressure will gradually and slowly build up on Russia's side.
All Ukrainians have to do now is defend, chill out and wait.
Your move, Putin.
Wait, is this $0.01 American or Canadian we're talking about
Either / both.
One Japanese Yen is worth 0.7 pennies today.
You are right, the spot exchange rate at a given point in time is random and tells you nothing (nothing!) about the value or strength of a currency. Japan is a great example.
What, however, does indicate a weakening or economic downturn is the uncontrolled depreciation of a currency, which errodes savings, threatens foreign debt paybacks, and makes imports more expensive
The Yen is relatively stable for decades at its spot. The Rubel is sliding against monetary and fiscal efforts, which indicates deeper macroeconomic issues.
"Deeper economic issues" is one of nicer things he's been called since he started openly warmongering.
Year over year, the yen is down 8.3% vs USD
Year over year, the rouble is down 46.2% vs USD
People aren't talking about absolute value. Being worth 0.01 of one dollar or 300 of one dollar doesn't say anything.
People are saying it with the context of the previous value.
If there is a headline saying Euro/dollar has reached 1.30, no one should be responding "so what, the Canadian dollar is 1.35". Because everyone knows the context of Euro/dollar not being near that rate for a long time.
Ugh, don't remind me (I get paid in JPY).
Misleading title
How so?
What economic change will Putin make to stabilize the currency, besides raising interest rates?
I see the trend continuing. How long can the trend continue without social unrest?
Who wants to hold Russian currency?
The problem is so massive that the social implications are hard to grasp.
