Russians engage in mass shopping spree ahead of hyperinflation and possible economic collapse

Friday, December 26, 2014
By Paul Martin

by: J. D. Heyes
Friday, December 26, 2014

As global oil prices collapse, the Russian economy — 50 percent of which is dependent upon energy exports — is continuing to slide as well, with the country’s currency, the ruble, taking it on the chin.

As the ruble slide extended in recent days, Russia’s central bank boosted interest rates to 17 percent in a bid to prevent further loss of value. But such moves weren’t enough to prevent Russian citizens from panicking somewhat as scores headed for banks and for stores to stock up on whatever they could, while they could.

As reported by The Associated Press, Russians bought at frantic paces big-ticket items, among other goods, in a bid to get them before inevitable inflationary pressures in the form of rising prices put them out of reach.

The AP further reported:

As the Russian authorities announced a series of measures to ease the pressure on the ruble, which slid 15 percent in the previous two days and raised fears of a bank run, many Russians were buying cars and home appliances — in some cases in record numbers — before prices for these imported goods shoot higher.

Vanishing wealth

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