The tumbling rouble reversed course late on Monday, rising back to the strong side of 100 against the dollar after Russia’s central bank announced an extraordinary policy meeting for Tuesday.
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Ignoring the government’s flim flam, here’s what is actually happening:
High consumer lending, along with a stark labour shortage and wide budget deficit, have all fanned inflation this year.
In some ways, that matches with conditions in the US that led to the recent spate of inflation.
- High consumer lending -> government stimulus checks
- labour shortage -> same, but from COVID aftermath instead of war
- wide budget deficit -> same, but from unsustainable policies by the government instead of war