After a hundred years under a fiat standard, the value of money has fallen by some 98%. Under a fiat standard we have suffered numerous financial crises, including the crash of 1929 and the Great Depression; the inflation of the late 40's; the international crisis of the 70's which saw the demise of the Bretton Woods system of fixed exchange rates
Since the beginning of the year, the Russian ruble has lost a quarter of its value. In world practice, devaluation of national currency by 20 percent or more in one year is considered a currency crisis. Russia's international reserves made up $443.8 billion as of October 17, which marked a decrease by $7.9 billion
The current situation with oil prices is a big problem to the majority of members of the oil market. The decline in prices jeopardized even shale projects in the US. Venezuelan officials said that the nation's economy was in danger, the Russian economy suffers from low oil prices as well. Yet, one player on the market is most likely happy
Russia has expanded its embargo on European products. On October 22, Russia banned imports of meat by-products produced in the EU. Reportedly, the new restrictive measures were associated with the discovery of banned and harmful substances in the products. Russia has also imposed a ban on the import and transit of all мупуефиду products from...
A recent survey among 1,600 Russians in 134 settlements of 46 regions of the country showed that the sanctions showed nearly no influence on the lives of ordinary Russians. Sixty percent of respondents believe that Russia should punish the West accordingly: to arrest accounts and assets of foreign companies
Gold has proven to be a good barometer of future growth and inflation rates and caught these developing trends months ago. The stock market just caught on, hence the huge triple digit losses of late. At the beginning of the year gold was selling at 1180, its lowest level to that point , even though US growth was moving up briskly at a 4% rate
Oil prices continue to decline despite OPEC's decision to cut oil production. The cost of oil, according to experts, began to decline due to excessive amounts of the raw material. The current state of affairs on the oil market hurts the economies of such oil powers as Saudi Arabia, Iraq, Qatar and others. What about Russia?
By pinning down the future price level by gold convertibility, the immediate effect of international monetary reform will be to end currency speculation in floating currencies, and terminate the immense costs of inflation hedging. Gold convertibility eliminates the very costly exchange of currencies at the profit-seeking banks
Cheapening the dollar is a bad thing, unequivocally. It does not necessarily follow that making the dollar dearer is a good thing. And there is a frequently unnoticed factor at work: the dollar's status as the world reserve currency. This status has cost America 6 million jobs. This is a startling, and potentially important, claim.
Ambassadors of 28 countries of the European Union, during the meeting in Brussels on September 30, decided not to lift the sanctions that had been imposed against Russia. The meeting was primarily devoted to the implementation of the agreement on the settlement of the conflict in the east of Ukraine
The Bank of Russia may include the critical scenario of declining oil prices in the draft monetary policy. The Central Bank of Russia studies a shock scenario of the economic development. World Bank economists say that the Russian economy will experience slowdown or even recession, if the authorities do not launch structural reforms
over the past 14 years, Chinese investments in India amounted to only $700 million. China is the first trading partner for India, although for Beijing, India comes 12th. The trade between the two countries is estimated at nearly $70 billion. China's GDP is more than six times the size of Indian GDP
Actions of the West in Eastern Europe and ongoing pressure on Russia may eventually intensify the movement to combat the petrodollar. The biggest danger to the oil currency is likely to be related to China. Russia and China currently discuss the creation of an analogue to the international system of bank transfers - SWIFT