It hasn’t been anywhere near a US cent in many years.
The graph is right there…
I was referring to the “no longer” bit. You have to go a very long way back to see a significant change. They were already in a very deep hole. They are just continuing to dig.
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.
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…
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.
uh oh
some truble
That is terRuble
I’m in tears
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).
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…
Perfect crop, comrade 🤡
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.
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.
This guy graphs
The issue is the crop has obliterated the starting value
☝️
Yeah but this clearly isn’t as a consequence of the war
Crimea was invaded in 2014.
Please tell us what happened in 2014…
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?
I had one in the city that going by reviews was quite good
Now it’s a very nice Chinese restaurant.
Sorry….😢
Actually, it’s not. But it’s not a world power either.
And a large decline in a single day, smaller than that steady decline in a decade can be quite a big deal. Or can be nothing. Nobody knows.
According to some social media bubbles, it should have dropped to 1/10 in the past 2 years.
Ah, the kremlin talking points “look your measures doesn’t work!!1! (So can you remove them, ok?)”
Nobody thought the ruble would crash one or two years ago.
But well, now is now and it looks like the funds have been used up, the inflation is at its maximum utility etc etc and now it’s crash time!
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
By inverting the transaction it more clearly shows the trend between the two currencies.
Maybe if you don’t understand basic math? Those charts are just reciprocals
That is literally illegal on the internet.
Why would you argue with a banana? You’re obviously not a banana.
Perfect crop, comrade 🤡
They cropped out the banana.
“comrade”?
Are you implying that Russia is in any way more communist or less capitalist than the US?
Cause you’d be wrong.If I call a colleague a “cumrade” I’m not implying they are some sort of cum-flavoured soda drink.
I mean, it being as low as it once was doesn’t mean it is going great.
An interest rate of 21% is also not an indication of things going great.
It’s pretty dramatic. Interest rates, currency in freefall, no exports, imports too expensive, morgages failing, salaries dropping, brain drain, …
It’s pretty bad. They have some ways to go, the war chest is not empty, they can continue to print money they can hold of for another two years maybe.
We will see what trump does. But they are in a world of hurt no matter what happens next.
Your graph lacks any context. What is the Y axis?
It literally says in the title of the chart it’s rubles per dollar graphed over time
Their economy was never good. Many more people living there than in Germany, much larger country than Germany… And still economically worse than Germany…
They have the same economy as Italy.
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More like russian rubble , amirite?
They’re called low hanging fruit for a reason
Holy shit 115 rubles per dollar?
That’s like 0.0086 USD
Looks like BTC at this point haha
Just a little bit lower and it will be cheaper than the toilet paper it’s made from, as it should be.
I’ll never understand how economies work, I just assume it’s all imaginary money.
Think of it as demand, right now people want Russian money less.
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.
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.
Speculative economics is literally definitionally imaginary. In this case, it’s because of real factors with Russia’s GDP - the massive amount of trade embargoes on Russia meaning they can’t really import or export a lot of the stuff they would have made money on, as well as them grinding all their young men (who would otherwise be working) into a pulp.
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.
That’s the official trading rate. The black market rate is 1 ruble for an empty snickers wrapper.
Reminds me of that bot I saw on one of the German speaking communities. Each time to say an ammount of money in Euro, it would then for example reply with “1 Euro, 2 DMark, 4 OstMark, 40 Ostmark auf dem Schwarzmarkt”. (“1 Euro used to be 2 German Mark, used to be 4 East German Mark, and 40 East German Mark on the black market”)
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.
What does this really mean in relation to a country that regularly pretends reality is malleable?
We made a new currency, it’s all good, we will pay you with it instead!
Pretty much everyone including notoriously shady Chinese banks have stopped doing business with them and are no longer handing out loans. You can bullshit your way through all sorts of things but even for the most corrupt institutions the fun stops at “there’s no money”.
I guess the situation comes down to assets at that point, tanks, planes, boats… but, then, those are kinda being blown up, so, I dunno, Russia lol.
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.
The value of the ruble. It’s right there in the graph.
Prepare for trouble !
And make it ruble!
