Recent news reports have detailed that Russia’s fiat currency, the ruble, was the best-performing currency worldwide and the articles explained that American economists were perplexed by the trend. On Monday, the Russian ruble rose to 55.47 per dollar, which was the highest increase since 2015. While many have dismissed the ruble’s exchange rate, Charles Lichfield, the Atlantic Council’s Geoeconomics Center deputy director, published an editorial called: “Don’t ignore the exchange rate: How a strong ruble can shield Russia.”
Russia’s Ruble Climbs Higher — Report Says ‘Putin Is Having the Last Laugh’
The financial sanctions against Russia are seemingly not affecting the transcontinental country as much as Western media has portrayed during the past few months. On Monday, the Russian ruble tapped a price high against the U.S. dollar and it was the highest rise since 2015. There have been many reports from economists and analysts that have said Russia’s financial books are cooked and most of the ruble’s strength is simply smoke and mirrors. One Youtuber claims that while the ruble looks strong, most of the strength is bolstered by manipulation.
Youtuber Jake Broe told his 146,000 subscribers that the “Russian economy is currently tanking, inflation is high, unemployment is going up, wages are going down, the GDP of the Russian economy is collapsing.” However, Broe’s arguments could also be said about the United States as the American economy seems to be heading toward a recession, inflation is the highest in 40 years, jobless claims in the U.S. have risen as productivity is down, and the U.S. economy’s GDP shrank significantly in Q1 2022.
Broe says that the Russian government and central bank are manipulating things, which has made the ruble look strong. Yet, arguably, U.S. politicians and the Federal Reserve could also be accused of manipulation and spreading unreliable information. Other reports that do not leverage Broe’s biased talking points indicate that sanctions against Russia have failed miserably. A report published by armstrongeconomics.com says the Russian oil boycott is not working and “Putin is having the last laugh as he is now selling more oil at a higher price point.”
Armstrongeconomics.com author Martin Armstrong added:
In April, Russian oil exports rose by…
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