this post was submitted on 14 Aug 2023
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Tumbling rouble claws back ground as central bank to meet (www.reuters.com)
submitted 1 year ago by pingveno@kbin.social to c/worldnews@kbin.social
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The tumbling rouble reversed course late on Monday, rising back to the strong side of 100 against the dollar after Russia's central bank announced an extraordinary policy meeting for Tuesday.

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[–] pingveno@kbin.social 1 points 1 year ago

Ignoring the government's flim flam, here's what is actually happening:

High consumer lending, along with a stark labour shortage and wide budget deficit, have all fanned inflation this year.

In some ways, that matches with conditions in the US that led to the recent spate of inflation.

  • High consumer lending -> government stimulus checks
  • labour shortage -> same, but from COVID aftermath instead of war
  • wide budget deficit -> same, but from unsustainable policies by the government instead of war