Rouble suffers biggest fall since 1998 financial crisis - Polidicks

[url]http://www.reuters.com/article/2014/12/01/russia-markets-rouble-idUSL6N0TL0NB20141201[/url] [quote]The rouble fell about 4 percent on Monday as the price of oil plunged again and despite talk that the central bank was intervening for the first time since floating the currency last month. By 1315 GMT, it was down 3.8 percent at 52.41 against the dollar and 3.5 percent lower at 65.39 versus the euro, still on course for the biggest daily fall since the 1998 financial crisis. The rouble had lost about 6 percent during the session against both currencies, plumbing all-time lows of 53.95 against the dollar and 67.30 against the euro, as oil slid below $70 a barrel - a big blow for the world's No. 2 oil exporter. Oil benchmark Brent futures were hovering just above a five-year low, at $69.6 per barrel, weighed down by weak manufacturing data from China and last week's decision by OPEC not to cut oil production to support prices.[/quote]

now's the time to buy buy buy

[QUOTE=Judas;46613911]now's the time to buy buy buy[/QUOTE] It'll probably drop some more. [editline]1st December 2014[/editline] Also, as energy stocks drop, so does my portfolio. Noooooes :(

To all those that said, "The sanctions aren't going to do anything.": See OP.

Sounds like Russia is in rouble.

[QUOTE=Judas;46613911]now's the time to buy buy buy[/QUOTE] I don't even have to buy! All my savings are in roubles anyway! :suicide:

[QUOTE=draugur;46614352]To all those that said, "The sanctions aren't going to do anything.": See OP.[/QUOTE] They will do something once Russia pulls out of Ukraine and I still don't see that happening.

[QUOTE=draugur;46614352]To all those that said, "The sanctions aren't going to do anything.": See OP.[/QUOTE] Maybe I'm wrong (I'm not really a world politics expert), but I'm pretty sure the sanctions are just coinciding with the falling oil prices that are really hurting the Russian economy. Sure, the sanctions are doing something, but compared to the oil prices they're not doing [I]that[/I] much. Might be the tongue on the scales, I wouldn't know.

Back in Februrary, the ruble was 35-38 to 1 US dollar now it's 51 to 1. Jesus good thing I got rid of my rubles when i did

[QUOTE=Angus725;46614342]It'll probably drop some more. [editline]1st December 2014[/editline] Also, as energy stocks drop, so does my portfolio. Noooooes :([/QUOTE] I hope you invested in more than just energy. Diversify damnit

But sanctions don't work guys :v:

Gotta say I feel bad for Russian civilians to have to endure this.

[QUOTE=Richoxen;46615814]But sanctions don't work guys :v:[/QUOTE] Oil is $69 a barrel. Last year it was around $110. It's not so much sanctions but more oil.

[QUOTE=laserguided;46616187]Oil is $69 a barrel. Last year it was around $110. It's not so much sanctions but more oil.[/QUOTE] the funny thing is that, in the short term, falling oil prices means that life's easier for the US while it's harder over in Russia. but of course, the reality is more complicated than that.

My bros wife was at a mall the other day and there was a huge line for the jewelery store because the prices didn't inflate welcome back soviet union financial crisis, ty putin for the throwback, you have truly outdone yourself

I was really sad we missed out on the whole cold war thing. I mean my parents and grand parents and great grand parents all went through it but I missed it. So thanks for bringing the tradition back in Putin, now I really can take part in a long the long tradition of fearing the future.

[QUOTE=Cornish;46616363]My bros wife was at a mall the other day and there was a huge line for the jewelery store because the prices didn't inflate welcome back soviet union financial crisis, ty putin for the throwback, you have truly outdone yourself[/QUOTE] Too be honest it really is the civilians fault for approving oil based growth in the first place. Approval ratings seemed to coincide with economic growth from 1998-2008.

[QUOTE=laserguided;46616406]Too be honest it really is the civilians fault for approving oil based growth in the first place. Approval ratings seemed to coincide with economic growth from 1998-2008.[/QUOTE] Eh, it's hard to blame them when they have had a long disappointing history with politics. If only the last tsars were willing to become constitutional monarchs.

These 300 dollars I have in my savings mean I get richer every day without doing anything at all! Hahaha! Ha. ha.

Now if only these falling prices influenced the smug arab bastards too.

[QUOTE=Hawke7;46617683]Now if only these falling prices influenced the smug arab bastards too.[/QUOTE] oh boy here comes that classic SH racism we all know and love

[QUOTE=Mort Stroodle;46617710]oh boy here comes that classic SH racism we all know and love[/QUOTE] How the fuck is that racist?

[QUOTE=Complifused;46617730]How the fuck is that racist?[/QUOTE] Random unprovoked antipathy for Arabic people out of nowhere? Unless I'm missing something?

[QUOTE=GoDong-DK;46615465]Maybe I'm wrong (I'm not really a world politics expert), but I'm pretty sure the sanctions are just coinciding with the falling oil prices that are really hurting the Russian economy. Sure, the sanctions are doing something, but compared to the oil prices they're not doing [I]that[/I] much. Might be the tongue on the scales, I wouldn't know.[/QUOTE] I would guess a fall in oil prices would bring about a rise in manufacturing, since cheaper oil means cheaper products, but the sanctions and the icy tensions have put any long term plans in jepordy, nobody wants to invest in Russia since they may be blocked out by Russian laws or western sanctions next week [editline]2nd December 2014[/editline] Sanctions are biting into long term investments as oil prices eat away at the reserves and short term gains, 2015 will be a bad year for foreign investment which Russia vitally depends on if the sanctions continue because a lot of projects need to be inked by the end of the first quarter of the year

[QUOTE=Mort Stroodle;46617710]oh boy here comes that classic SH racism we all know and love[/QUOTE] This is more about their oil-fuelled life of excess rather than their skin colour. I dislike the level of development and sophistication they try to show while refusing to change their society, which is in line with most backwards middle-eastern countries. But this is getting off-topic, although one may say one of the reasons Russia is considered a major power is because of it's natural resources fueled military budget.

[QUOTE=Sableye;46617753]I would guess a fall in oil prices would bring about a rise in manufacturing, since cheaper oil means cheaper products, but the sanctions and the icy tensions have put any long term plans in jepordy, nobody wants to invest in Russia since they may be blocked out by Russian laws or western sanctions next week [editline]2nd December 2014[/editline] Sanctions are biting into long term investments as oil prices eat away at the reserves and short term gains, 2015 will be a bad year for foreign investment which Russia vitally depends on if the sanctions continue because a lot of projects need to be inked by the end of the first quarter of the year[/QUOTE] In the US, sure, falling oil prices should spur growth. In Russia not so much. They're too dependent on oil exports to gain anything from falling oil prices.

Saudi Arabians can live with price at almost 30$, they solved dependancy on oil not soo long time ago. We did not, here is result. It's a national problem that was ignored for long time but now goverment can't allow that. Maybe atleast some steps will be taken. It's as with every problem in russia, no solution untill situation gets extreme. sad sad But those who try to tie that with sanctions are ridiculous. Yes, sanctions still don't do shit.

I guess that’s what happens when you clash with a bloc that represents around 50% of global GDP

[QUOTE=laserguided;46616406]Too be honest it really is the civilians fault for approving oil based growth in the first place. Approval ratings seemed to coincide with economic growth from 1998-2008.[/QUOTE] because clearly civilians control what the government does with our resources/economy? I mean idk what we could do aside from oil workers not working and then getting fired and even then they are probably immigrants, this is a country where the government wont allow you to sell buckwheat beyond a certain price

[QUOTE=Cornish;46619082]because clearly civilians control what the government does with our resources/economy? I mean idk what we could do aside from oil workers not working and then getting fired and even then they are probably immigrants, this is a country where the government wont allow you to sell buckwheat beyond a certain price[/QUOTE] Approval ratings go in line with oil based GDP. It's your fault.