When the war began and sanctions were announced, the ruble collapsed overnight by some forty percent. But with some very clever moves, and using the power of its petroleum, Russia has managed to pump the currency back to where it was just before the invasion. That is no small feat, and it’s worth understanding both how Russia did it and whether it can hold.
For other readers like me, who didn't know the meaning of "Potemkin village," Wikipedia told me it's an impressive looking facade-structure designed to hide a wretched mess. Well-chosen image, Jay, especially since it's Russian based.
Putin is playing chicken with his own citizens and other countries when it comes to trying to support the ruble. Putin will continue play his game as long as he believes he has the support of his citizens and admirers. Until other countries make the bold move to either cut off their buying of fossil fuels or pay in the contracted currency, thus continuing the devaluing of the ruble, Putin will continue to do Putin.
"Necessity is the motherhood of invention." There are inventions out there somewhere using anything but fossil. There are products out there right now using anything but fossil fuel. The real bottom line is we (and I don't just mean the countries buying Russian fuel) need to make an active effort to move away from fossil fuel. As long as we look at change as being an inconvenience, we will always be enslaved to those we truly don't like.
For other readers like me, who didn't know the meaning of "Potemkin village," Wikipedia told me it's an impressive looking facade-structure designed to hide a wretched mess. Well-chosen image, Jay, especially since it's Russian based.
Congrats Lithuania! 1st Euro country to be free of Russian energy getting LNG from Norway & the U.S. ( Kinder Morgan offshore terminal perhaps? )
Putin is playing chicken with his own citizens and other countries when it comes to trying to support the ruble. Putin will continue play his game as long as he believes he has the support of his citizens and admirers. Until other countries make the bold move to either cut off their buying of fossil fuels or pay in the contracted currency, thus continuing the devaluing of the ruble, Putin will continue to do Putin.
"Necessity is the motherhood of invention." There are inventions out there somewhere using anything but fossil. There are products out there right now using anything but fossil fuel. The real bottom line is we (and I don't just mean the countries buying Russian fuel) need to make an active effort to move away from fossil fuel. As long as we look at change as being an inconvenience, we will always be enslaved to those we truly don't like.