And as we speak, the panic continues. Russian interest rates at an incredible 17%.
People lining up around the block to exchange rubles for dollars... only to watch the numbers slide ever lower as they sit in line.
Joke of the day:
Quote:
"Daddy, can I have 5 rubles to buy some sweets?"
"20 rubles? What do you need 50 rubles for?"
|
I imagine it's not very funny for the Russians, though.
-
But Russia, already weakend by sanctions, is just the tip of the iceberg. US new fracking contracts are on the decline, and other parts of OPEC are also feeling the pinch. Particularly Iran, which is also on the Saudi crap list.
Used to be a few terrorist scares or civil unrest in another OPEC member nation could prop prices back up, but the taps are flowing full force now, and the Saudis don't seem inclined to close them till the wells are dry.
Expect a few "accidents" to hit Saudi operations if they keep this up over the next few months.