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A Full-Blown Economic Crisis Has Erupted In Russia

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Vladimir PutinThe 8th largest economy on the entire planet is in a state of turmoil right now.  The shocking collapse of the price of oil has hit a lot of countries really hard, but very few nations are as dependent on energy production as Russia is.  Sales of oil and natural gas account for approximately two-thirds of all Russian exports and approximately 50 percent of all government revenue. So it should be no surprise that the fact that the price of oil has declined by almost 50 percent since June is absolutely catastrophic for the Russian economy.  And when you throw in international sanctions, wild money printing by the Central Bank of Russia and unprecedented capital flight, you get the ingredients for an almost perfect storm.  But those of us living in the western world should not be too smug about what is happening in Russia, because the nightmare that is unfolding over there is just a preview of the economic chaos that will soon envelop the whole world.

So far this year, the Russian ruble has fallen nearly 50 percent against the U.S. dollar.  That is a monumental shift.  And as the collapse of the ruble has accelerated in recent days, we are seeing scenes in Russia that are reminiscent of the Weimar Republic.  For example, just consider the following excerpt from an article that just appeared in the New York Times

Scenes that Russians hoped had receded into the past reappeared on the streets: Currency exchange signs blinked ever-changing digits, and Russians rushed to appliance stores to buy washing machines or televisions to unload rubles.

“We are seeing an economic crisis,” Natalia V. Akindinova, a professor at the Higher School of Economics, said in a telephone interview. “We are seeing a sharp devaluation of the ruble at a time when the central bank doesn’t have the reserves to influence the market, as it did in the past crises.”

In a desperate attempt to stop the bleeding, the Central Bank of Russia made an astounding move.  Last night it raised its key interest rate from 10.5 percent all the way up to 17 percent.

It was hoped that this desperate move would keep the ruble from plummeting any further.

And it did work for a few minutes, but then the collapse of the ruble resumed.  This is how Zero Hedge described the carnage…

For those wondering if the CBR’s intervention in the Russian FX market with its shocking emergency rate hike to 17% overnight calmed things, the answer is yes… for about two minutes. The USDRUB indeed tumbled nearly 10% to 59 and then promptly blew right back out, the Ruble crashing in panic selling and seemingly without any CBR market interventions, and at last check was freefalling through 72 74, and sending the Russian stock market plummeting by over 15%.

So why is this happening now?

Well, the biggest reason for the freefall of the ruble is the fact that the Central Bank of Russia just printed up about 625 billion rubles and gave it to their friends at Rosneft.

Rosneft is an absolutely massive oil company that is controlled by the Russian government.  For months, Rosneft has been asking for a bailout (sound familiar?) to refinance loans that can no longer be rolled over with western banks because of economic sanctions.

And on Friday they got one.

In an attempt to quietly slip this massive injection of new money past everyone, Rosneft issued 625 billion rubles worth of new bonds just before the weekend and the Central Bank of Russia gobbled most of those new bonds up with freshly created money.  Unfortunately for Rosneft and the Central Bank of Russia, the rest of the world took notice

With the oil giant in a bind, the central bank ruled that it would accept Rosneft bonds held by commercial banks as collateral for loans.

Rosneft issued 625 billion rubles, about $10.9 billion at the exchange rate at the time, in new bonds on Friday. The identities of the buyers were not publicly disclosed, but analysts say that large state banks bought the issue.

When these banks deposit the bonds with the central bank in exchange for loans, Rosneft will have been financed, in effect, with an emission of rubles from the central bank.

So that is what led to the panic selling that we witnessed on Monday.

Meanwhile, money is being pulled out of Russia at an absolutely staggering pace.  As confidence in the ruble and in the Russian financial system disappears, wealthy people are feverishly trying to protect their wealth by moving it somewhere else.  The following is an excerpt from an editorial that Mohamed A. El-Erian recently penned for Business Insider…

Rather than bring in buyers at these substantially cheaper levels, Russian currency weakness is inducing more selling, including by a growing number of worried bank depositors who, instead of holding their savings in ruble, are opting for safer dollars. The larger the extent of this “currency substitution,” the bigger the scope for capital flight out of Russia. This puts even greater pressure on the currency, aggravating the output contraction, imported inflation, and the general sense economic and financial instability.

It has been estimated that total capital outflows for 2015 will reach an astounding $128 billion.

And this could just be the beginning of the economic troubles for Russia.

If the price of oil stays this low or goes even lower, the Russian economy will shrink.  The only question is how much it will contract

The Bank of Russia said Monday that the country could sink into a deep recession next year if oil prices remain at $60 a barrel. GDP could contract by as much as 4.7% in 2015, and then by a further 1.1% in 2016 unless oil prices pick up.

Sadly, it isn’t just oil producing nations such as Russia that are going to be devastated by the coming crisis.

Eventually, the entire globe is going to feel the pain.

Last week was the worst week for global financial markets in three years, and so many of the exact same patterns that we witnessed just prior to the great financial crisis of 2008 are happening once again.  We have been living in a false bubble of relative stability for the past couple of years, but now time is running out.  The next great financial crisis is rapidly approaching, and 2015 promises to be the most “interesting” year that we have seen in ages.

  • Paul

    Merry X-MAS!
    Oh the economy outside is frightful
    But my 80 inch Big Screen is so delightful
    And since our economy’s got no place to go
    Let It Blow! Let It Blow! Let It Blow!!

    Oh, the collapse doesn’t show signs of stopping
    And I’ve brought some credit card debt for popping
    My Obamaphones are turned way down low
    Let It Blow! Let It Blow! Let It Blow!

    When we finally kiss our economy goodnight
    How I’ll hate going out in the storm!
    But if Obama really tells me everything’s alright
    All the way home I’ll be warm

    The economy is slowly dying
    And my dear we’re still denying
    But as long as you love me so
    Let It Blow! Let It Blow! Let It Blow!

    Oh, it doesn’t show signs of stopping
    And I’ve brought some student loan debt for popping
    Since my Obamaphones are turned way down low
    Let It Blow! Let It Blow! Let It Blow!

    When we finally kiss our economy goodnight
    How I’ll hate going out in the storm!
    But if Obama really tells me everything’s alright
    All the way home I’ll be warm

    Let It Blow! Let It Blow! Let It Blow!!!

    • Kim

      Ok I loved this!!!!

    • chilller

      Paul…you got game!

      • Paul

        Thanks Kim and Chiller

  • K

    For one world government to succeed. There can be no truly strong players left on the world stage. All part of the plan. Also with the price of oil down, I hear China is buying it at 3 times their normal level. Stockpiling fuel is one of the signs, of a country preparing for war.

    • T.

      We (America) have declared “Economic War” on the sovereign nation of Russia, because they have stood in the way of the “Giant Squid” Banksters who have captured this nation and take U.S. To war and want Control over All the world’s resources. We forget. Russia is NOT Iraq, Libya, or Syria and the small fries that ruled them. NO. Russia has many weapons both Financial and Nuclear and the MEANS to deliver them. Our nation has been co opted by Madmen. This weekend, the President of the USSA says He will impose even MORE sanctions on the Russian Bear. What Madness. He even has the Approval of Congress. This nation’s days are numbered and the War, Torture and Pillaging of other nations that We have committed are soon to be the same type of Judgment exacted upon U.S. “God is Not mocked, whatsoever a man (nation) sows That shall he also reap”.

      • Frederic Testa

        I AGREE WITH YOU

      • K

        T, you are mostly correct. I would differ only on one thing. The people in D.C. are well aware, that Russia is not Syria, or Iraq. As long as their masters continue to stuff their pockets. The people in D.C. just do not care. The amount of suffering or death, such a move might cause. Is lost on these greedy soulless creatures. Are there any exceptions in D.C.? Yes, a few, but very few.

        • T.

          Agree. D.C. greedy souls Know exactly what the potential Consequences are for the American people and – THEY Do Not Care. “The best Government money can Buy” will be the Death of America.

          • NoPasaran

            You are completely wrong if you think that there is nose sort of non-venal strain in Russian thought. There isn’t.

      • tresmegistus

        T – Russia and china hold about 30% of total us treasuries. it takes little imagination as to what would happen should both Russian and China decide to dump these bonds in retaliation. I have a gut feeling that the crash of the rouble is the result of a coordinated attack by the big 3 in NY by shorting the rouble.

        • T.

          Precisely. To declare “Economic War” on Russia is by extension declaring the same on China. This will go very badly for the USSA and – For all of us Americans.

        • Hector

          Seriously?
          Let’s be realistic here. Russia and China dump all U.S. treasuries. Do you have any idea what would occur? The U.S. will indeed be financially paralyzed, and its government will have a hard time raising capital for its deficit spending, but let’s keep in mind, China is the U.S.’s second LARGEST trading partner. The U.S. is also China’s LARGEST trading partner.
          If we go, China goes too, plain and simple. Why would they destroy the very market that employs a vast majority of their population, especially the migrant population that they treat a secondary citizens, when they are bona-fide Chinese?
          China isn’t dumb. This is why they are importing tons of Gold and Silver as a hedge against a problematic U.S. currency. They don’t want to be rowing in the same boat as us, but as the World’s LARGEST CONSUMER market, they have no choice.

      • NoPasaran

        Russia has done absolutely no such thing. There’s a reason RT appeals to conspiracy nuts. They’re the only people non-sceptical enough to not turn them off.

        • Gay Veteran

          and what do you watch? the American corporate media spreading our government’s propaganda?

        • ractivist

          RT is a propaganda outlet.
          Men conspiring to rule the planet is well established, certifiable and conclusive. I find myself cynical, not skeptical and it has nothing to do with the boob tube, we all know it’s a tool. Lots of tools and fools out there working toward this one world government construct. Gonna end bad.

      • Hot Rain

        Putin will show great constraint. I concur with your post.

    • VigilanteCaregiver

      Thanks K. I really like your insights! :)

      • K

        I have enjoyed your insights as well.

    • JustanOguy

      They don’t need to go to war… China owns what matters. China only needs to go to war if they want to collect on their debts… good luck with invading the U.S….

      • K

        That, for now. Is not the war I expect. There has been much sabre rattling between China and their neighbors. I expect them to consolidate their claims, in the own sphere of influence.

        • VigilanteCaregiver

          China has a big problem in they’ve inflated the yen worse than we did the dollar. The only way they’ll hold onto any land and resources is through gold reserves and warfare.

          I highly doubt they have as much gold as they’re claiming – no evidence apart from media claims. And the only way they’ve got that much gold is if the Fed Res sent it there (which could be true but only hearsay evidence for that).

          China is also facing an internal insurrection; muslim terrorism (minor threat for now, but it exists); threats from Japan, India, and Pakistan; HIV/AIDS and other disease outbreaks; famine and shortages; and they have aborted hundreds of millions of girls over the decades so there’s a large male population with few local girls for perpetuating the nation.

          Then there’s oil. Yes, China is stockpiling oil reserves with inflated currency. China may have a lot of our bonds and T bills, but Russia has a lot of theirs. With oil dropping and Russia screwed financially, expect them to make a move in the markets to try and get at China’s oil.

      • Priszilla

        China can sell treasuries on the open market and collect US dollars. With these dollars they can buy gold.
        Done.

        • oldnik007

          THAT IS EXACTLY WHAT RUSSIA IS DOING WITH OIL SALES

          93 TONNES OF GOLD SOLD LAST YEAR
          RUSSIA BOUGHT 55 TONES
          OVER HALF THE TOTAL.

          CHINA HAS SAID THEY ARE NOT BUYING GOLD BUT CONVERTING DOLLARS INTO OTHER CURRENCIES.

  • AntonioOssa

    SANCTIONS: WHAT GOES AROUND COMES AROUND!

  • Rbitting

    Putin is the man you have long anticipated, compare Daniel 8:23 – 26 w/ Daniel 11:36 -39. He will become strong, but not by his own power ( Iran and the other nations from Ezekiel. 38 will form a military allegiance, which BTW, aren’t these the nations that are under US sanctions as I write this )? I think that Henry Gruver’s vision warrants more consideration today in light of the present situation. Again, if one reads Daniel 11:36-39 & Daniel 8:23-26 objectively, and in light of world events, and if one understands that God did promise that his people would have dreams and visions in the last days as well as extraordinary revelation ( Johnathan Cahn , Henry Gruver ), then one will begin to see the disaster that awaits. On Christ the solid rock I stand, all other ground is sinking sand!

    • Gay Veteran

      bilge

      • tihseraslarebil

        keep on suckin’

        • Gay Veteran

          oh noez! yet another troll dumping on this site

          • tihseraslarebil

            taking a dump in your mouth

          • Gay Veteran

            disgusting troll, did your momma do that to you?

          • tihseraslarebil

            taking a dump in your mouth

          • Gay Veteran

            oh, now I see, you’re talking into a mirror, you disgusting troll

          • tihseraslarebil

            taking a dump in your mouth

          • Gay Veteran

            snore

          • tihseraslarebil

            taking a dump in your open mouth

      • VigilanteCaregiver

        “The dogma of Christianity gets worn away before the advances of science. Religion will have to make more and more concessions. Gradually the myths crumble. All that’s left is to prove that in nature there is no frontier between the organic and the inorganic. When understanding of the universe has become widespread, when the majority of men know that the start are not sources of light but worlds, perhaps worlds like ours, then the Christian doctrine will be convicted of absurdity.” – Adolph Hitler

        “Whether it’s the Old Testament or the New, or simply the sayings of Jesus, it’s all the same old Jewish swindle. It will not make us free. A German church, a German Christianity is a distortion. One is either a German or a Christian. You cannot be both… We don’t want people to keep one eye on the hereafter. We need free men who know that God is in themselves.” – Adolph Hitler

        “The heaviest blow which ever struck humanity was Christianity; Bolshevism is Christianity’s illegitimate child. Both inventions of the Jew.” – Adolph Hitler

        Well, it’s good to know where you stand.

        Merry Christmas!

    • T.

      No. Putin is NOT the man. But, I agree 100% with your last line – On Christ the solid Rock I stand, all other ground is sinking sand. Amen.

      • Frederic Testa

        I THINK THAT MAN WILL COME OUT OF TURKEY

        • T.

          I do not know. My best guess is that we will probably have to wait maybe 2, 3, or 4 more years before we see him “that man of sin be revealed, the son of perdition,……..so that he as God sitteth in the temple of God, shewing himself that he is God.” 2 Thes. 2:3b,4b.

          • GSOB

            There is no need to go back to temple building, blood of bulls and goats and the like,……

            The high peak of the Divine revelation is Christ in you….. the hope of glory!

            You know that, …..don’t you?

  • Daystrom2012

    Russia,backed into a corner…

    Sheba, and Dedan, and the merchants of Tarshish, with all the young lions thereof, shall say unto thee(Gog of Magog), Art thou come to take a spoil?hast thou gathered thy company to take a prey? to carry away silver and gold,
    to take away cattle and goods, to take a great spoil? Ezekiel 38:13

    • GSOB

      Far reaching interpretation.

    • Mike Smithy

      Yes, Russia is backed into a corner. However, you never want to back an angry bear into a corner.

  • Randy Townsend

    Historically, this is when Russia uses its military to divert the people’s attention….

    • none

      And the really good news of the week?
      President Obama has stated that his reductions in the military where correct!
      Notice how the Russians will now be reducing their military!

      • Political Vel Craft

        In Reality, Russia’s military is growing exponentially. Russia will be supplying Hungary, Egypt, & Iraq against Obama.

        Iraq is flying Russian Jets against Obama’s ISIS.Obama pro corporate media leads you to believe Obama’s jet planes are taking out ISIS.

        WRONG.

        ISIS was created and supplied by U.S. taxpayer money in Jordan.

        ALL FACTS.

        • GSOB

          The dollar does get around

        • T.

          ISIS was a creation of the CIA, MI5 and Mossad.

      • Gay Veteran

        what reductions in the military?

  • DesolateEarth

    The collapse of Russia will have terrible repercussions to all of Europe. Most of the EU is dependent on Russian natural gas, and if the Russian economy crumbles and oil production is cut, it will lead to a huge line of dominos falling one after the other.

    • David Hammond

      But that is at a time when the cities are without walls. I believe this to be later rather than sooner. ..

    • MIchael in Chicago

      EU banks are heavily invested in Russia. The Blaze just put up an article detailing percentages per country.

      Chart Shows What Could Happen if Russia’s Economy Goes Down — and It’s Not Good

      • Kim

        I agree with this comment. I mean the debt it so far and wide, it’s hard to even tell where it all is. For example charities, pension funds, foundations, churches, private institutions. It’s spread far and wide. And local economies and genuinely innocent parties will suffer the very most.

    • GSOB

      She won’t fall. She’ll pull out of Ukraine first.

      This goes back to Snowden

      • Political Vel Craft

        She’s not in Ukraine Obama and NATO are.

        • GSOB

          funny

        • T.

          TRUTH.

      • Gay Veteran

        Ukraine is to Russia as Mexico is to America. Why is why it is INSANE for us to have supported the neo-Nazi backed coup in Kiev.

        • Guy Veteran

          That’s liberal thinking for you.

          • Gay Veteran

            no, that’s logic, sorry you don’t understand it

    • Gay Veteran

      Don’t believe all the corporate media propaganda about Russia.

      From Zero Hedge:

      “As hard as it is to believe – given the strength of the “Russia-is-doomed” meme – Crude oil prices for Russia (in Rubles) are unchanged since February… This is important as all costs are Ruble denominated while revenues are USD denominated, leaving Russian oil companies’ margins insulated despite the dollar decline in price. In addition, the Russian government is easing the export taxes which further improve the profitability of Russian oil. So as US Shale Oil sector is destroyed by its USD costs, it appears Putin’s core energy industry is somewhat insulated… and America’s late-80s “defeat The Sovet Union” playbook is failing….

      • jaxon64

        Excellent points GV–it is also worth mentioning that Russia has enhough foreign reserve currency to keep their economy stable through any economic downturn for an estimated 3 to 4 years at current crude oil prices….

        • Kim

          It really depends on how much bad debt is out there. And who is holding the bag.

        • Gay Veteran

          Good point.
          Unfortunately our power mad arrogant neo-cons actually think they can destroy Russia.

    • oscar ollie

      We’ve been told in the UK we need to get fracking to become energy independent and get away from the scary Russian bear. Even though we only import 1% of gas from Russia. MSM for you!

  • Guest

    But that is at a time when the cities are without walls. I believe this to be later rather than sooner.

  • GSOB

    Sanctions.

    They work.

    Putin needs to get out of Ukraine.

    • MIchael in Chicago

      America needs to get out of the Middle East.

      • GSOB

        Won’t happen.

        • Guest

          I guess not. Too many Americans are just like you–brainwashed.

          • FortuneSeek3rz

            Yeah, and BHO is leading the charge.

      • Kim

        America made a deal a long time ago with the Saudis to give them protection in exchange for Saudis selling oil in U.S. dollars. It’s my opinion that our presense in the Middle East is a carry on of that aspect of their so-called good old boy relationship. We won’t leave because it’ll leave them exposed or sitting ducks. oncr the oil dries up the U.S. govt won’t care anymore.

        • chris

          The other part of the deal was for the US Government to Islamify the USA and support Saudi backed muslim terrorists the world over..

    • Gay Veteran

      or what?
      you think Putin is going to obey the dictates of the American empire?
      and sanctions are hurting the EU too, with Germany wanting to get rid of the sanctions because they are hurting German companies

      • GSOB

        Sanctions will keep on hurting.

        Yes, Putin will give in.

        America stays on top.

        • Gay Veteran

          Napoleon couldn’t defeat Russia.
          Hitle r couldn’t defeat Russia.
          And yet you think Obama is going to defeat Russia?
          ROFLOL

        • Gay Veteran

          America stays on top?
          NO, our empire is in terminal decline.

  • Political Vel Craft

    FULL BLOWN HOGWASH. This is a cover to obscure the plummeting of U.S. economy because everyone is unpegging from the dollar.

    The longer you believe the propaganda matrix, they [THE NWO BANKING CARTEL] will still prosper as Americans let go of all their wealth through their system.

    • GSOB

      ‘everyone is unpegging from the dollar.’

      Not so fast.

      This is a strategic move to keep us afloat as the Petromiester….

  • alexaisback

    .

    be warned It is a Full Blown economic crisis in US Too

    US GDP too will fall US may be equally harmed

    eg: Texas or ND, will lose revenue,

    gas and oil co’s will be bankrupt (costs more to extract the oil then sale price)

    loans made to oil and gas co’s will be gone (expect government bail outs for friends)

    and housing prices and real estate prices will probably decline sharply.

    Russia National Debt 13.91% of Russia GDP
    US National Debt 104 % of US GDP

    .

    • alexaisback

      Russia National Debt 13.91% of Russia GDP

      US National Debt 104 % of US GDP

      Because of insane spending and debt increase by US over past 8 years (with little or nothing to show for it, the Solyndra’s of the US are bankrupt)
      US now has little in the bank, what will US do ? Raise debt to GDP to 200 % .
      FED come out and double down ?
      . If you look you will see Russia had reduced their debt to GDP over the past 8 years. Quite interesting.

      • Mike Smithy

        As a result of the devaluation of the Ruble, the Russians people have gone on a shopping spree that would make Janet Yellen green with envy.

    • JustanOguy

      Wrong…

    • oldnik007

      FRACKING COSTS ARE MORE THAN THE CURRENT PRICE – BANKRUPTCIES?
      AND AS FOR THE CANADIAN TAR SANDS…….

  • we_have_one_that_can_see

    i told this girl that i was dating a couple of months ago that america will be entering very difficult economic times in the future,..and she should get prepared for that,..this is what she told me:
    thats not true,..because if what your saying was true,.. suze orman would be talking about it on the suze orman show!
    god help her,..and the sheeple that think like her

    • Guest

      Wow. That’s sad.

    • efsmithlaw

      Sounds like she needs to invest in some sturdy knee pads.

      • CensoredSpeech

        She will probably have to “fall back” on a new career!

      • john

        sounds like he needs another girlfriend! :)

    • Mike Smithy

      Not long ago, I heard Dave Ramsey tell a caller that the stawk market is a wise investment.

      • Mortysteelman

        He actually told a woman that her husband had a mental illness because he was taking precautions to prepare for the collapse that is coming. That is when I stopped listening to him!

        • Woogie

          It was Ramsey who got me to prepare, pay off my debts because I will need cash in emergencies.

        • ractivist

          I think he is a government shill. His message is work as hard as you can to pay back the bankers. Anyone else get the point here?

      • ractivist

        I question his advice. If the dollar is crashing, would it not have been wiser to use the excess money to shore up for the chaos, verses pay the bankers back more money. I get the idea of being debt free, but if society goes as south as things appear, would it matter if it was paid off. Or would one want a deeper pantry and the other wise investments. I think a nest egg to cover six months of bills in cash or marketable tangibles is wiser than having your debt paid.

        • Jakob

          Only pay off the property that the lenders have title to…….pay down on the rest and procure survival stores……

    • T.

      EVERYONE, Please go on the web to: alt-market . com and read the article titled: IMF ready to slam the door on the US dollar – You will be glad you did.

    • sunny77753

      See : BRICS

  • GSOB

    Blessed be the God and Father of our Lord Jesus Christ, who has blessed us with every spiritual blessing in the heavenlies in Christ, even as He chose us in Him before the foundation of the world, to be holy and without blemish – before Him and in love.

  • jakartaman

    Is this the straw that’s going to start the collapse????

    • T.

      YES.

  • FortuneSeek3rz

    If you are living in America you are insulated. The USD still has outstanding demand all over the world and is still the global reserve currency. The U.S. is still a leader of innovation and has massive natural resources. It’s a great day to be alive in this great country.

    • Drud

      Yes, American exceptionslism at its finest. Willful ignorance masquerading as patriotism; parroting of rhetoric masquerading as critical thought. For me, I believe in liberty. There was a time when the two were nearly synonymous but it has long since passed.

      • FortuneSeek3rz

        That’s your opinion. If you gave me a time machine I wouldn’t choose to live in any other era or location. And I suspect most wouldn’t. The world needs the U.S. economy more now than ever.

        • john

          because you have been brainwashed.! I live in Asia, an life is better here than in your banana Republic . here I m just 10x richer right after my plane landed. enjoy your crapy life and your fat US women!

          • FortuneSeek3rz

            Congratulations. You’re ten times richer because the economy you exist in is ten times poorer. Maybe that will dawn on you one day.

        • oldnik007

          1 have you ever had a passport?
          2 have you ever been to any country where English is not spoken?
          3. just and aside really,
          can you locate on the world map , say Nepal?
          Abkhazia? Moldova?

        • Gay Veteran

          most whites would be happy to go back to the 50s and 60s because today the middle class is being destroyed

          • FortuneSeek3rz

            I haven’t heard a single white person say they would want to go back to the 50s or 60s. Too many creature comforts exist today that didn’t back then and healthcare is much better.

          • Gay Veteran

            talking about the middle class, not techno toys

    • oldnik007

      1st January 2015……

      Bricks bank starts.

      watch that space.

  • CharlesH

    I read all the comments on here and came to this conclusion. 1/3 believe one thing – another 1/3 believe something else and 1/3 don’t have a clue WHAT they’re talking about. I’ll assume they’re all Americans. See a problem here? The U.S. is the one that is doomed.

    • FortuneSeek3rz

      We’re all ears. Start talking….

    • tihseraslarebil

      and 100% believe you are an idiot

    • T.

      Yes. The USSA will be the One to Collapse as a result of engaging in “Economic Warfare” with Russia and by extension China, who is their economic/financial partner.

  • Guest

    Hahaha

  • jaxon64

    Putin needs to think outside of the box….no WWIII all out attack against the US is needed.
    All he needs to do is carpet bomb a couple dozen Saudi oil fields and refineries or ports and before you know it…poof–his oil would spike back up in price and the Russian economy would boom !
    Then it would be up to Obama to show he has a pair and organize some sort of military response ( or not).
    Russia won’t be like bombing weddings or little pakistani, syrian, libyan, yemeni or somali kids with drones…Russia could punch back –and hard.
    Who knows, maybe Russia and her neighbors of Put, Persia ( and recent convert Turkey)- etal will all just do a quick assault on Israel –that would surely stir things up and the Israel-hating EU probably wouldn’t even speak against it…
    Scary times…”Don’t poke a sleeping bear…..”

    • Gay Veteran

      actually all Russia needs to do is fund Shiites in Saudi Arabia to blow up some pipelines.

  • Kim

    Oil and the economy are of course linked. I disagree this has anything to do with oil supply (glut). Unfortunately, no one foresaw the energy demand destruction which served as an economic feedback loop until now. All this bad debt in every conceivable form coming home to roost brought on by a (greed-based) assumption that oil consumption and thus price would always rise. Talk about counting your chickens before they hatch. I worry more about the local economies that are gonna suffer more than all. Too bad. Really it’s awful.

    • FortuneSeek3rz

      I think there is an oil supply glut. The demand destruction is a measurement that isn’t very complex, and thus does not elude a significant portion of the market. The debt based economy assumes that consumption (and thus borrowing) will increase in every phase of the economy, not just the energy sector. The money that the middle class would have spent on 4 dollar/gallon oil will end up somewhere in the economy, whether it is the banking sector (savings accounts) or retail, or medical, etc.

      • oldnik007

        no mention of the Kerry visit to Saudi just before all this happened then? (with pictures, outside of USA)

        why would Saudi start pumping max oil so that they don’t earn so much from a falling price?

        USA idea and orders to Saudi royals that;s why.

        this is economic warfare from just one source, the neocons and dual citizens.

        • chris

          Yes i agree it’s all too familiar like the last time the USA got Saudi Arabia to produce cheap oil to bring down the Soviet Union. I daresay though that President Putin would have considered this scenario happening. The question is what will Saudi get for all this – the further Islamification of the USA with the backing of the US Government?

      • Gay Veteran

        medical, as insurance continues horrible price increases

  • Cal Wayback

    I wonder when Israel bombs the Russian built Iranian nuclear power plants killing many Russian technicians in the process what will Vlad do about that. How far will our stock market fail if a nuclear exchange occurs.

  • Cal Wayback

    Who has the nukes, everything else is applesauce.

  • Rufus T Firefly

    Those godless commies are getting what they deserve. Mess with the Obamessiah and he will smite thee like David did.

    • oldnik007

      medication over dose?

  • VigilanteCaregiver

    Venezuela’s going through hyperinflation. Europe has gone into shadow. China is having financial problems. And we’re set for another civil war.

    Another day in paradise.

  • Priszilla

    To get more income from foreign buyers Russia cranked up arms exports substantially.

  • Priszilla

    Russia is still the largest country of this world. As soon as the citizens feel the pinch of the foreign powers their nationalism comes back.
    Putin isn’t Stalin. But America better don’t topple Putin to bring a Stalin back to Russia.

  • Marco

    What happens when a nuclear-equipped country has nothing left to lose and a target to blame it all on? If Russia goes down, you can bet they will take the whole world with them.

  • JustanOguy

    Yawn….

  • jox

    It is very interesting that the Russian Central Bank is letting the ruble to fall. They are not expending reserves supporting the value of the ruble. Instead they are using those reserves to buy gold.

    Yesterday I read somwhere that Putin, like a judoka, is taking advantage of his rivals impulse. Let see how this game develops.

  • Mick McNulty

    They should fight back in this economic war, economically. Russia should concentrate on a domestic market and turn insular. The dollar is mass-produced like rolls of wallpaper and can’t last long. Bring America down or by God the whole world faces en dless war, drones and torture. Fascism.

    • oldnik007

      YOU HAVEN’T HEARD ABOUT THE FRENCH FARMERS DUMPING FRUIT AND STUFF OUTSIDE THE FRENCH PARLIAMENT? ALL BECAUSE OF RUSSIANS ‘SANCTIONS.

      AND THE GLEE OF ARGENTINA BEING ABLE TO SELL APPLES AND MEAT TO RUSSIA INSTEAD OF POLISH APPLES?

      AND THE GERMAN INDUSTRIALIST PRINTING LETTERS IN THEIR PAPERS AGAINST MERKEL’S SANCTIONS AND THE WOMAN IN GERMAN PARLIAMENT DRESSING DOWN MERKEL IN COLD ANALYTICAL SCORN?

      YOU ALL SHOULD GET OUT MORE.

  • Matt thomas

    Yay! Super exciting news.

  • XSANDIEGOCA

    Watch the Ten Year Bond

  • Preparequickly

    WW3 Looks to be coming in the form of a currency war instead of with guns.

    • jox

      Currency war, commercial war (sanctions) and resource war are only the first steps of a full military war.

      • victorstock86 .

        Yep see Imperial Japan: the US cut off Japans oil and the rest is history…

  • MadAsHellYankee

    Russia only printed 652 billion. The Fed Reserve has printed how many billions? 85 billion a month then 75 billion a month, still printing? You know the whole game is rigged.

  • oldnik007

    Do you think that the NY Times is a reliable source?

    Go to the ‘saker’ blog for intelligent discussions about Russia and from people all over the world. The level of the comments is astounding. even the trolls have to come up with intelligent sneaky arguments trying to undermine it, but they are so easily spotted. I’m not saying everyone is peaches a cream with all the facts but just to quote an enormous comprehensive assessment of Russia’s economy full of graphs and all …

    THE AMOUNT OF REVENUE FROM OIL AND GAS FOR RUSSIA’S ECONOMY IS……….18 PER CENT.
    RESERVES 415 BILLION

    DO YOU THINK THAT WESTERN MEDIA IS GOING TO TELL YOU THE TRUTH WHEN THE GOVERNMENTS ARE PUTTING SANCTIONS ON RUSSIA AND DEMONISING PUTIN, THE NEW ‘HITLER’ according TO Mrs Hillary?

    • Mike Smithy

      You raise a good point. The NY Times is not honest journalism and cannot be trusted as a reliable news source.

      • oldnik007

        THANKS FOR THAT.
        By the way that ‘saker’ blog is so interesting, it has French, Russian, Serbian, English. Oceania and the latest….South American independent counterparts. I forgot Italy and German.

        THIS IS AN ASTOUNDING IDEA. ORDINARY PEOPLE FROM ALL OVER THE WORLD COMMUNICATING.
        MAYBE SOMETHING COULD EVOLVE OUT OF IT

    • jox

      All western media are working together to demonise Rusia and Putin. The same job that they did before with Saddam, Gadafi, el-Assad. And they are good at it!

  • oldnik007

    LOTS OF CURRENCIES FALLING. is this the Armageddon of finance?

    Austerity?

    I think we haven’t seen nothing yet.

  • Alex

    This story is absolutely false. The author simply doesn’t understand what is going on and its simple. First thing to remember is that Russia’s debt is only 12% of GDP which is the lowest of the low. It literally means that country is in a very good shape. Secondly, the present so called “turmoil” was artificially created by so called sanctions which cut the ability of russian companies to borrow in the western financial markets. They need to refinance their debts and the first payments should be done by the end of december. Total debt is about $100 billion and it must be paid by the end of 2015 so there is plenty of time to resolve this shortage of dollars and euros. Do not forget that russian central bank can easily solve this problem overnight. So in this particular situation some banks decided to make some money and raised up the prices on dollars and euros. The hype was short lived and they actually got what they did not expect at all – central bank increased their rates which made rubles very expensive. Banks need rubles much more then dollars and euros and now they scratching their heads trying to get them wherever they can but it would not be easy since central bank simultaneously increased the amount of euros and dollars in circulation. So banks are forced to part with their gains and central bank would be a beneficiary because it is impossible to attract the amount of rubles needed by banks quickly enough. The hype is obviously over and everything is under control. Lets keep in mind that 20% rates would make currency manipulations completely unprofitable so 17% is a very harsh warning prior to final solution.

  • Reginald Jones

    This writer is a moron. His “the sky is falling” attitude would be funny if not for all the half retarded zombies praising his every word. How many time does a guy get to scream, “Economic Collapse” before the dumbest among us finally see a charlatan for what it is?

    • GSOB

      If you owe me a million dollars and I choose to completely forgive the debt, how is your will violated?

  • guest

    Too many eggies in one basket.

  • guest

    Pass the vodka.

  • chris

    The substantial fall in the price of oil is just too suspicious to believe it is down to a relatively small oversupply. Somebody is trying to screw Russia over and it’s a very dangerous game.

    • victorstock86 .

      Damn straight!

  • Sandbagger

    “We are seeing a sharp devaluation of the ruble at a time when the central bank doesn’t have the reserves to influence the market, as it did in the past crises.”

    Doesn’t Russia have a huge gold reserve? I wonder when she will use that?

    “If the price of oil stays this low or goes even lower, the Russian economy will shrink.”

    Well, after the big drop, oil producers will stop producing. Then the price of oil will skyrocket, right? Russia is sitting pretty on it’s oil fields…it’s not as if she has run dry.

    So money is leaving Russian rubles to go to dollars, etc. and Russia has a huge gold reserve and knows the law of supply and demand as it applies to oil worldwide…

    I see a short-term pain for long-term gain plan here.

  • chris

    Are TPTB really insane enough to trash the entire Global economy and go to nuclear war just to protect the US Dollar? yes it looks like they are……………….

  • BoardWalk

    With the Russian economy collapsing, I think it’s definitely time to go over and bring back a Russian mail order bride.

  • chris

    Has the US Government agreed with Saudi Arabia that it will allow its shale oil companies to go to the wall in exchange for cheap Saudi oil bringing Russia down?
    The story that the Saudi goal is to kill off the US shale oil producers has got to be a cover story.

    • retired22

      In my opinion Washington has done nothing to directly influence Saudi Arabia,indirectly is another matter!
      Saudi Arabia is out to destroy the regime in Iran before it goes nuclear! The rest is collateral damage.

    • born again

      I mean besides our own of course

  • GSOB

    “Freedom is not free”

  • JohnC

    You are exaggerating. Nothing abnormal. Oil price goes down and the Ruble goes down with it. Add to that the uncertainties the sanctions have created and the ruble goes down more. All artificial and temporary. Don’t worry. The boogeyman Putin is safe. He will not get you today. Ask your boss Obama if you don’t believe me.

  • Hot Rain

    Holiday ode to the ECB
    There are 78 people named S. Claus living in the U.S. And one Kris Kringle.

    December is the most popular month for nose jobs.

    Weight of Santa’s sleigh with one Beanie Babie for every kid on earth: 333,333 tons.

    Number of reindeer required to pull a 333,333 ton sleigh: 214, 206-plus Rudolph.

    Average wage of a mall Santa: $11 an hour.
    With real beard:$20.

    To deliver his gifts in one night, Santa would have to make 822.6 visits per second, sleighing at 3000 times the speed of sound.

    At that speed Santa and his reindeer would burst into flame instantaneously.

  • Robert Burt

    We have to tell the bankers that we have no use for them, and we need to do whatever is necessary to make our decision stick.

  • B

    I seen a illuminati playing card. It had cars lined up at gas pumps. Imagine if gas stations had no gas all of a sudden. It hasn’t happened yet and its coming. What if Russia sells us bonds and decides to keep its energy for itself

  • B

    Americans should be outraged at what we are doing to Russia. I am. What has Russia done besides try to protect its borders from usa infiltration(I mean we are over there, they are not next to us doing this), and its religious beliefs being attacked because they are standing up for them which I applaud. These gays have no respect for Christians but demand it from us. I’m curious please tell me. Im not saying Russia perfect but i hope Putin and Russia know the American people don’t support are own government. I mean they have 8-14% approval. Its kind of sad though because the gov is just used by the real problem the shadow banking cartel and there is no where to run to. 98% or more of world is under the system they are collapsing so don’t tell me to leave if I don’t like it and go to Somalia. Remember the good pilgrims’ where here before the corrupt government with Christian bashing satanic interest……………..

  • Sin Eagle Sam

    Wouldn’t it be awesome if ALL countries came together for the good of ALL?! *sigh* Another waking dream….

    • Sandbagger

      The last time that happened The Tower of Babel was built…and we saw what became of that collaborative effort for “good”!

  • David Govett

    Russia will instigate a war in the Middle East, which will disrupt the supply of oil therefrom and raise the price of Russian oil.
    Expect it.

  • velisetremis

    What a BS article! Russia produces oil at $40/barrel, the Saudis at $20/barrel, while US shale oil costs $80/barrel to produce. The Russians have a positive budget in the black and a total reserve of almost half a trillion dollars while their debt obligations for next year are just over 2 Billion dollars. Russia has a Debt/GDP ratio of 14.5% which is an indication of it’s credit worthiness, while the US is over 100% and Japan is over 230%.
    The balance sheet of Russia if far far superior to those of any western nation or Japan!

  • RevRight

    In “Russia’s Diamond Ruble” at Amazon, the good guys are all Russians. The hero makes James Bond look like a punk. Times have changed and so have the heroes. After painting the Russians as bad guys for half a century they are finally playing the same game. Great read and eye opener as to the current Russian mind-set.

  • hank sparrow

    my friend was searching for ACA-02I-01 last month and was told about a great service that has 6 million forms . If you want ACA-02I-01 as well , here’s a https://goo.gl/0MXG5Y.

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