Further dislodging the dollar from its dominance. At a price, for Argentina and Russia.
This is what happens when a currency spirals out of control.
Ruble collapses, Russians and bankers fret, Apple and automakers stop selling, as the government dumps its crown jewels to stem the chaos for a day.
Its alternative global economic and financial system that rejects US rules has consequences.
The plunge in the price of oil and the impact of the sanctions are ransacking the Russian economy and finances.
Getting messy: oil price plunge not the only problem for currencies that made the “Ugliest Currency Chart.”
Putin sees a “catastrophic decline in oil prices” but thinks Russia will be OK.
The balance of power is shifting, if only briefly.
Oil major Total and Russia are joined at the hip. Putin called late CEO de Margerie a “true friend.” But sanctions and sinking oil prices are daunting hurdles.
There are many losers when a currency gets smashed.