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[Final update: the ruble seems to have stabilized, for now, and China has declared its support for the Russian economy, but the problem with devaluing currencies is by no means limited to Russia. In the meantime, Russia has stopped grain exports, so we should expect Arab Spring 2.0, because Russia is where couscous comes from. Also, I hear Krugman has declared that the world is not only flat but only a bubble; I wouldn't know since I don't pay attention to him, so please stop asking me.]
[Early morning update: in case you had any doubts, the intervention didn't work. Ruble and oil are continuing to plunge amid increasing financial market turmoil throughout the world.]
[Last minute update: the repo rate has been just hiked to an eyewatering 17%! At the same time, the percentage of bullshit in the rationale given was lowered significantly: it is to prevent further ruble devaluation. Simply put (perhaps too simply), ruble liquidity for currency speculation has just dried up. At the same time, the central bank is backing long-term investments in industry at a far more reasonable 6.5% rate. Will this be enough to stop the slide?]
On December 11 Russia's central bank hiked its rate by one percent, from 9.5% to 10.5%. The rationale offered by the bank's governor Elvira Nabiullina was that this would stop the slide in the value of the ruble. But nobody laughed.