• @Glytch@lemmy.world
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    384 hours ago

    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.

  • @Suburbanl3g3nd@lemmings.world
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    134 hours ago

    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…

    • @theangryseal@lemmy.world
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      556 minutes ago

      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.

  • @CaptDust@sh.itjust.works
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    948 hours ago

    They’ll just suspend trading again, likely until trump lifts sanctions. Value can’t fall if it can’t be compared in the market.

  • rockerface 🇺🇦
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    106 hours ago

    Just a little bit lower and it will be cheaper than the toilet paper it’s made from, as it should be.

  • @Emi@ani.social
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    378 hours ago

    I’ll never understand how economies work, I just assume it’s all imaginary money.

    • @HappycamperNZ@lemmy.world
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      63 hours ago

      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.

      • @Evil_Shrubbery@lemm.ee
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        62 hours ago

        Speaking basically they are right.
        Speaking at medium understanding they are wrong.
        Speaking at advanced understanding they are absolutely correct.

    • @ProgrammingSocks@pawb.social
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      75 hours ago

      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.

    • @Xeroxchasechase@lemmy.world
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      297 hours ago

      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.

  • @superkret@feddit.org
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    328 hours ago

    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…

  • Blackout
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    107 hours ago

    That’s the official trading rate. The black market rate is 1 ruble for an empty snickers wrapper.

    • @Saledovil@sh.itjust.works
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      44 hours ago

      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”)

    • @mean_bean279@lemmy.world
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      378 hours ago

      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.

    • @Hubi@feddit.org
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      258 hours ago

      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.

      • GHiLA
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        67 hours ago

        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!

        • @Hubi@feddit.org
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          6 hours ago

          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”.

          • GHiLA
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            25 hours ago

            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.

    • @noride@lemm.ee
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      8 hours ago

      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.