Special Extra: The Final Countdown on the Russian Stock Market
The Russian market has lost all crediblity as the result of so many arbitrary, panicked closures by the Kremlin (on average, two every week since August), especially since they have been useless in halting the slide, revealing the Kremlin to be impotent. Shockingly, the value of the ruble has remained totally stable this week, but only because the Kremlin has now spent nearly $60 billion of the Russian people’s vital nest egg, almost $1 billion each and every day, creating artificial value for the nation’s currency to stave off even more intense consumer price inflation. Consumer price inflation has already topped a sickening 12%, and the year is not even over yet. The old Russian bugaboo, unpaid wages, has again reared its head, with arrearages increased by a horrifying 33% in October.
Amsterdam 21 Nov 2008. We are beginnnig to gather resources and track what's actually happening in this mysterious country a few thousand miles east of us. We read of course about the panic closures of the stock market and we saw something on TV of Russian billionaires losing lots of money. But it is still a research item.
MICEX (Moscow Interbank Currency Exchange Rates)
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