"The Ruble, Oil, Gas, Gold & Sanctions" - Mike "Mish" Shedlock weighs in

[Tom Nolan + 2,441]

EXCERPTS:  The amount of total nonsense generated over those Tweets and payment in rubles is staggering..."Uncle Vanya" replaces the 847 McDonalds... 

Eight Reasons For Ruble Rebound

1. Russia escaped Visa and Mastercard
2. Russia still trades oil and gas with Europe
3. Russia halted currency trades
4. Russia enacted stock market restrictions
5. Of Russian exporters, Russia demanded 80% of euros and dollars be traded for rubles.
6. Russia threatens to stop exporting key commodities including aluminum, natural gas, fertilizer, rare earth minerals, etc., driving up prices and the need to stockpile.
7. Sanctions cannot take away Russia's natural resources. 
8. The Fed can print dollars, it cannot print commodities. Likewise, the ECB can print euros, it cannot print commodities

Two False Reasons People Key On

1. Russia demands payment in rubles
2. Gold-backed ruble

 

https://mishtalk.com/economics/the-ruble-regains-100-of-its-loss-after-russia-invaded-ukraine-why

https://www.zerohedge.com/markets/ruble-regains-100-its-loss-after-russia-invaded-ukraine-why

The Ruble Regains 100% Of Its Loss After Russia Invaded Ukraine, Why?

by Tyler Durden

Thursday, Mar 31, 2022 - 06:25 AM

Authored by Mike Shedlock via MishTalk.com,

Conventional wisdom on why the ruble has rallied is simply wrong. Let's discuss the theories and what is really happening...

 

Key Points

• When Russia invaded Ukraine on February 24, it took 84 rubles to buy 1 US dollar.

• On March 7, it took 131.2 rubles to buy 1 US dollar.

• That's a 36% decline in the rubble vs the US dollar.

• The ruble is now back where it started on February 24.

Conventional Wisdom 

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