Russia, The Sick BRIC

Craig Pirrong submits:

Last Friday the WSJ ran an interesting article comparing the ruble to other commodity currencies. Whereas the Australian and Canadian Dollar, South African Rand, and the Norwegian Kroner have rallied smartly against the dollar since June, with double digit percentage gains, the ruble is down about 6 percent. This is symptomatic of a sluggish economy. There is other information consistent with this interpretation:

Russia does not believe that the crisis is over – whatever the government spin might say. And while the official line is that the country is open for business and investment is not only welcome but safe and secure, both incomes a

By admin posted about 1 year ago

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