It's just I want to observe and savour every second of it when it happens.
Run on the banks is usually the start, massive price rises for everyday goods coupled with shortages of just about everything, then services start to shutdown as people stop being paid (doctors, police, judges, firefighters, eventually the military). Things like this can happen and government interventions stop the crisis escalating (as happened in the UK in 2007), but if the central Government has no money to be able to step in then things can snowball very quickly.
Very good, thanks. Interesting to get an idea of the size of the reserve fund Russia HAD to fight the sanctions and war cost
tradingeconomics.com
Putin's last hope is a Trump victory.I'm not an economist, but I still enjoy googling 'ruble to usd'. I find that graph compelling. The link is too long to post, but here's another inverse (USD to ruble) version:
Russian Ruble - Quote - Chart - Historical Data - News
The USDRUB increased 0.4759 or 0.49% to 97.7246 on Tuesday October 29 from 97.2487 in the previous trading session. Russian Ruble - values, historical data, forecasts and news - updated on October of 2024.
(Ignore the periods of the ruble doing well - that's just the Russian central bank buying rubles to prop it up, something which they can't do forever).
As I see it, as the reserves (that Russia needs to avoid going into deficit and thus broadcasting other nations' reluctance to trade in rubles), approach zero, the need to print more rubles to finance the deficit, will become more and more acute.
Result - Putin has an increasing battle on his hands to contain inflation. Does he stop spending on the war in an effort to balance the books? Does he admit his mistake? Does he withdraw his troops? I think we all know the answers to these questions.
We could be entering a highly entertaining, albeit a dangerous and febrile period.
I am hoping that even a Trump victory won't give Putin what he needs to survive.
