This Is What a Currency Collapse Looks Like: Shopping Frenzy: “We Have A Lot Of Rubles Losing Value Every Second”
Mac Slavo
December 17th, 2014
SHTFplan.com
Russians have seen the writing on the wall and they know that they’re economy and currency are in serious trouble. Though the Russian central bank has pledged to protect and stabilize the Ruble, which has collapsed by nearly 50% versus the dollar in the last several months, people aren’t taking any chances.
It’s a scenario we’ve seen repeated throughout history when a nation’s currency was threatened with destruction and it’s one we may soon witness in America should confidence in the dollar as the world’s reserve currency ever be lost.
This is what a currency collapse looks like:
“It is a real panic,” said Kirill Rogov, an independent political and economic analyst who is often critical of the Putin administration. “The ruble is being devalued by 5 or 6 percent every day, and nobody knows how to stop it.”
The ruble has lost 50 percent of its value since the beginning of the year. Russian consumers afraid of losing their savings, as happened in a financial crisis in 1998, flooded stores, rushing to dump rubles that seemed to shrink in worth by the minute.
Source: New York Times
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