Quote:
Originally Posted by 709
Rubel worth less than a US penny
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Just to be
extra clear about this point in particular because I've seen a lot of hyperbolic chest-thumping about the plummeting value of the ruble:
The USD:RUB ratio is currently about 1:105 which makes 1 ruble worth slightly less than 1 US cent, but for the last couple
years until last week, the ratio had been about 1:75, meaning that 1 ruble has been worth about USD 0.013 or a whole…
1.3 cents.
So, yes, while it has
certainly lost a
lot of its value, it's not the apocalyptic multiple-orders-of-magnitude collapse that a lot of folks probably imagine it to be. Without that historic context, comparing to the US dollar is pretty worthless. You might as well compare it to the Japanese yen which has an even
worse ratio with USD:JPY currently around 1:115!
Japan's economy is doomed!
I don't mean to pick on you in particular, 709.
I just wanted to nip this particular point in the bud because I've seen it abused out of context
so much in social media lately.