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Holy shit 115 rubles per dollar?
That’s like 0.0086 USD
Looks like BTC at this point haha
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.
0.01 USD on the graph is 1 US cent. So it dropped below this month
You’re right. I’m mistaken.
I’m in tears
Fun fact: The ruble is worth only slightly more then shitcoin, I predict that soon it will overtake the ruble
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”)
I thought it was yogurt tops. Damn you inflation!!!
This would seem like insider trading related to nuclear retaliation decision (whether weak or strong) that has been made. I’m unaware of any economic news from Russia.
That is terRuble
The ruble is in trooble
Any indication of what changed?
The value of the ruble. It’s right there in the graph.
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.
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.
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 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.
haha
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…
That might be a viable strategy if those were the only two currencies. (But even then, the freedom dollars are still likely to stay in better shape - since the USA is not currently an international pariah or financing a failed invasion.)
Seems kind of a no-brainer if that’s what you actually believe is going to happen. It’s one thing to say one believes something but I’m way more convinced when they’re actually willing to bet money for it.
I don’t think you can just get Rubles with all the sanctions.
Fair point!
“put your money where your mouth is”
Well this is the most wall st bets sort of thing I have seen on lemmy.
Why would you think anything will go up under orange man? The guy who is kinda famous for being an isolationist? The guy using tariffs to wage economic war on the USs closest allies?
I mean with the same sort of logic, buy South African Rands.
The “them” in the comment you replied to, I think it refers to the rubles, specifically relative to the original dollars.
Yes, it was not unclear.
If you trade your USD for other currencies and the value of the dollar goes down against those currencies your get more dollars when you sell those other currencies for dollars. Thus this means that the value of the other currencies went up.
You get around 100 Rubles for every US dollar let’s say you buy 1000 Rubles with 10 dollars, if the value of the dollar goes to 50 Rubles (meaning the value of the Rubles went up) then you trade those 1000 Rubles back to dollars you’d get 20 US dollars.
I think it is a good idea to help them to understand to use their language.
The rubles don’t go “up” but the dollar goes “down”.
That better matches their understanding of reality and it is irrelevant for what you try to communicate.
I think they’re aware of how it works. Currency speculation is not complicated or new. The thing is, why would you expect the ruble to be a better investment than another currency? Why would you expect it to bounce back?
It’s a Wall Streets Bets thing because it’s very stupid gambling based on very poor logic. If you’re going to start speculating in currency, the ruble is probably not where you want to start right now.
Ha, and more on the same point russia just closed the ruble market. So no more trading in rubles and no more ruble values being released.
Should invest in Rands.
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.
What’s your horizon / timeline? If you can wait 20 years it may payoff handsomely. But who knows how the world is gonna go until then…
Assuming Russia even exists in 20 years…
It probably will, but it’s also probably a stupid thing to gamble on. There are safer bets.
Prepare for trouble !
And make it ruble!
well I’m glad I didn’t take action on my joke of “we should invest now while it’s at 10 cents!” at the start of the war lol
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…
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
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
Understanding and visualizing are different things. Perhaps spend some skill points in reading comprehension.
That is literally illegal on the internet.
Why would you argue with a banana? You’re obviously not a banana.
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…
Sorry….😢
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.
I’m just amazed your comment made it through your clown government internet filter.
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!
According to some social media bubbles the world is flat and Xenu populated the earth
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.
Yeah but this clearly isn’t as a consequence of the war
Please tell us what happened in 2014…
Crimea was invaded in 2014.
Perfect crop, comrade 🤡
lies, damned lies, and statistics
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.
This guy graphs
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.
The issue is the crop has obliterated the starting value
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.
☝️
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.
Perfect crop, comrade 🤡
“comrade”?
Are you implying that Russia is in any way more communist or less capitalist than the US?
Cause you’d be wrong.I think he implies that strategic cropping like that seems a lot like Russian propaganda.
If I call a colleague a “cumrade” I’m not implying they are some sort of cum-flavoured soda drink.
Why’d they add coconut?
Oh, so you know “Cumrade Cockonut” too??
Small world :D
They cropped out the banana.
I think I saw that they pumped interest up to like 21% at this point to control inflation. Could you imagine? It’s like 7% here in the US and it has made me -very- content with my current vehicle and house…
Its true its not that dramatic on its own but this is after implementing a ton of measures to prop it up and cranking up the interest rate. The Ruble is struggling just to stand still and Putin is running out of ways to prop it up.
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.
Only if they actually get a peace deal. Otherwise Russia still has EU sanctions and a war going on.
Well, we can still track the “value” of the Ruble against the Euro.
A couple people are saying things like that in this thread. Obviously not everyone is an economics expert. This really started crashing like 2 weeks ago, and they are very near a point of no return. What I’m saying is, they don’t have months. This is kind of already game over.
Tbh I don’t know shit about shit. I was just making a flippant prediction that’s more about America than Russia.
I figured. I was hijacking =]
Sanctions in full effect.
