Recent news reports revealed that Russia’s fiat currency the ruble was the most successful currency in the world. The articles also explained that American economists were confused by this trend.
The Russian ruble rose to 55.47 dollars on Monday, its highest rise since 2015. Many have dismissed the ruble’s exchange rate. However, Charles Lichfield (the Atlantic Council’s Geoeconomics Center deputy Director) published an editorial titled: “Don’t ignore the exchange rate. How a strong ruble could shield Russia.
Russia’s Ruble Rises — Report Says “Putin is Having the Last Laugh”
The financial sanctions against Russia seem not to be having an impact on the transcontinental nation as Western media has claimed over the past few months. The Russian Ruble reached a high price against the U.S. Dollar on Monday. It was the highest increase since 2015. Many analysts and economists have reported that Russia’s financial books have been manipulated and that the ruble has a lot of strength. According to one Youtuber, the ruble is strong but the majority of its strength is due to manipulation.
YouTuber Jake Broe stated to his 146,000 subscribers that “Russian economy tanking”, inflation was high, unemployment is rising, wages are falling, and the GDP of Russia is collapsing. However, Broe could also make arguments about the United States. The U.S. economy appears to be headed toward recession. Inflation is at its highest level in 40 years, while jobless claims have increased as productivity has fallen, and the U.S.’s GDP shrank in Q1 2022.
Broe claims that Russia’s central bank and government are manipulating the currency. This has led to the ruble looking strong. But, it is possible that U.S. politicians, and the Federal Reserve, could also be accused of manipulation , and spreading unreliable information . Broe’s biased talking points are not reflected in other reports. A report published by armstrongeconomics.com says the Russian oil boycott is not working and “Putin is having the last laugh as he is now selling more oil at a higher price point.”