Word: rublee
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Russia's ruble devaluation and debt default were not especially damaging in broad economic terms; the Russian economy is no bigger, measured by gross domestic product, than that of the Netherlands. But the Russian default and devaluation were devastating financially and psychologically. They reinforced the impulse of global investors to...
But even a liquor monopoly couldn't save Russia's cash-strapped government, which is why the central bank's printing presses continue to roll. The government refuses to disclose how many rubles have been churned out, but with the monthly inflation rate at 67 percent and rising, Russia looks...
Naturally China is eager to reassure potential foreign investors at this parlous moment. But another steep drop of the yen against the dollar, making the renminbi less competitive, would force Beijing's hand. Even if China does go ahead, experts say, the effect would be less severe than the shock...
I hate to sound nostalgic for the cold war, but it did make reading international news a lot easier. During the cold war, when ethnic or tribal conflicts popped up in countries you didn't know from chopped liver, there was no need to go through the laborious task of...
At one point this summer, I found myself concerned with the deterioration of the ruble of Belarus, a country that didn't even exist during the cold war. According to an article by Michael Wines in the New York Times, the Belarus ruble is commonly called a zaichik, or bunny...