It's always so strange to me that we don't see the same bombastic support from the tankies over news like this, surely this is another genius move which underscores the futility of Western sanctions, right? Another 5d chess move to bring Ukraine to it's knees, or dismantle the petrodollar, surely? 🙃
this post was submitted on 27 Oct 2023
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You think the kids that sat at the back of the classroom, saying learning math is a waste of time because they'll never need to use it, can form an opinion on this? They see the words "interest rate" and decide this news is completely irrelevant because they can't understand it.
you are aware russia hasnt been socialist for decades right?
russia is a failed proto-fascist state.
Yes, they're aware. They're also aware that ML types will support Russia regardless, because no evil is too great so long as it even mildly inconveniences the West.
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(4 replies)
They aren’t different today than they were then
now thats just false
Government controlled oligarchary
failed proto-fascist state
The USSR was both of those, you can say it was socialist under Lenin if you want but it was just a corporation trying to run everything
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(14 replies)
The Bank of Russia, the country's central bank, has now raised rates by 7.5 percentage points since July
Holy crap, 7.5% in (basically) 1 quarter. Imagine trying to buy a house and having your loan repayment amount jumping faster than you can get paperwork filed.
Offtopic (because it has nothing to do with Russia): in Argentina the inflation of the local currency this year reached at least 100% annual.
But people there use USD fiat for purchasing real estate. And use USD/EUR for saving.
So even if the local currency is a mess, people moves using foreign currency for important transactions.
The Bank of Russia (back when things were so bad they had to halt their stock market) has also forbid people for using more than small amounts of foreign currency. I believe people are limited to the equivalent of 10,000 rubles, or $100 per week.
American moment
So your comment made me go "lol, imagine buying a house in Russia." Meaning my preconceptions were that most in Russia didn't have the means to own a home.
But then I'm like, I don't actually know that, let's check it out.
According to this site home ownership in Russia is over 90%. So what you outlined is a real problem for people there, and changes some of my mental picture of Russian life.
90% sounds really high? At least compared to the states where it seems a vast majority is renting??
No idea the data on this, just going off my anecdotal experience.
Everything was owned by the state during Soviet times. Then the people got the chance to privatise their homes for pennies. Now everyone is an owner. That happened to all countries which were a part of USSR, not just Russia. Renting is a very weird concept over there. You only rent if: you travel a lot for work, you're a poor student in a different city and your uni didn't provide accommodation, or you're an alcoholic who lost their home.
Source: born and raised in USSR.
90% own houses, but evidently a much lower percentage also own a washing machine, judging from the souvenirs the conscripts have been bringing home
🤦🏻♂️
I mean you would be really dumb for having a variable rate loan.
I wasn't talking about variable rate loans. I mean by the time you started the process of getting the loan there'd be one interest rate and one expected repayment amount; and by the time you got to signing and locking in the rate it would probably have gone up by about a point and half at that rate.
Oh yeah for sure. Gotcha. Yeah I bought a house a year ago, and the rate was 5.5% when I started looking. Went up to 6% by the time I found the house and locked it in. That half percent actually represented a lot of money.
buT tHE sANcTioNs dOn’T dO ANyThiNg
Part of me is hopeful that this means something will eventually break, but it's also hard to get past some of the initial predictions I was reading when the war first started, that Russia couldn't keep up the war longer than a few months, that Russia was going to collapse at almost any moment. Now it seems like Russia is converting to a permanent wartime economy and that this thing is expected to drag on for years to come. It makes me wonder, even when Putin eventually dies, does Russia just continue on with the war out of sheer momentum, because the next person knows what a shitshow things will turn into if they try to end the war?
when Putin eventually dies, does Russia just continue on with the war out of sheer momentum
My prediction that in such event war will just stop, Shulman's prediction is war will be immidiately forgotten as mass delirium.
"Time will come when Putin's mansions will be shown on federal TV".
I'd love someone knowledgable enough to chime in on this.
Perun is absolutely amazing and goes into complex detail. Any of his videos are top tier.
Here is an alternative Piped link(s):
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I think Ekatering Shulman has some videos about war for english-speaking audience.
Though she talks about social and political aspects, not economical.
Fuck ‘em.
Working in logistics I asked my boss a few weeks ago to which of our internal geo clusters does Russia belong to, and he replied exactly "to the fuck 'em cluster". Happily agreed with that statement.
This is the best summary I could come up with:
Russia's central bank has put up its key interest rate to 15% to try to curb inflation and bolster a weak rouble.
The higher-than-expected rate hike of two percentage points raises borrowing costs for the fourth time in a row.
This includes an unscheduled emergency hike in August as the rouble tumbled past 100 to the dollar and the Kremlin called for tighter monetary policy.
Pressure has also been mounting on the Russian economy due to imports rising faster than exports and military spending growing for the Ukraine war.
But rate hikes can only go so far in steadying an economy, and analysts have said Russia could struggle to attract investment due to Western sanctions.
EU leaders introduced a price cap plan to limit the amount Russia earns from its oil exports and the country has also been excluded from Swift, an international payment system used by thousands of financial institutions.
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