{"id":3127,"date":"2014-12-16T19:48:47","date_gmt":"2014-12-17T00:48:47","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3127"},"modified":"2014-12-16T19:48:47","modified_gmt":"2014-12-17T00:48:47","slug":"a-full-blown-economic-crisis-has-erupted-in-russia","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3127","title":{"rendered":"A Full-Blown Economic Crisis Has Erupted In Russia"},"content":{"rendered":"

A Full-Blown Economic Crisis Has Erupted In Russia<\/a>.<\/p>\n

The 8th largest economy on the entire planet is in a state of turmoil right now.\u00a0 The shocking collapse of the price of oil has hit a lot of countries really hard, but very few nations are as dependent on energy production as Russia is.\u00a0 Sales of oil and natural gas account for approximately two-thirds of all Russian exports and approximately 50 percent of all government revenue. So it should be no surprise that the fact that the price of oil has declined by almost 50 percent since June is absolutely catastrophic for the Russian economy.\u00a0 And when you throw in international sanctions, wild money printing by the Central Bank of Russia and unprecedented capital flight, you get the ingredients for an almost perfect storm.\u00a0 But those of us living in the western world should not be too smug about what is happening in Russia, because the nightmare that is unfolding over there is just a preview of the economic chaos that will soon envelop the whole world.<\/p>\n

So far this year, the Russian ruble has fallen nearly 50 percent against the U.S. dollar.\u00a0 That is a monumental shift.\u00a0 And as the collapse of the ruble has accelerated in recent days, we are seeing scenes in Russia that are reminiscent of the Weimar Republic.\u00a0 For example, just consider the following excerpt from an article that just appeared in\u00a0the New York Times<\/a>\u2026<\/p>\n

<\/p>\n

<\/a><\/a>…click on the above link to read the rest of the article…<\/span><\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

A Full-Blown Economic Crisis Has Erupted In Russia. The 8th largest economy on the entire planet is in a state of turmoil right now.\u00a0 The shocking collapse of the price of oil has hit a lot of countries really hard, but very few nations are as dependent on energy production as Russia is.\u00a0 Sales of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1970,236,349,588,693,694],"class_list":["post-3127","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-bank-of-russia","tag-economic-collapse","tag-gas","tag-oil","tag-ruble","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3127"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3127\/revisions"}],"predecessor-version":[{"id":3128,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3127\/revisions\/3128"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}