We’ve had mostly floating exchange rates for fifty years. You’d think by now people would report using the correct currency
The 2020s appear to be a never-ending parade of global groupthink. The Russian Oil Price Cap is yet another stupid and self-destructive idea that should have been suffocated at birth. It cannot possibly achieve what its supporters claim, and it represents emotional value signalling from the Big Hug Club rather than any semblance of rational thought.
The failure of its leaders to understand how sovereign currencies work is now starting to cripple the West
Since 2018 Russia has had an alternative payment clause in its Eurobond contracts that allows it to pay principal and interest in Roubles
How the new payment process for gas in Russia will work, including how it is settled at the Moscow Exchange, all of which leads to some interesting observations
Journalists really should take some time to learn how correspondent banking works
In all international transactions they consumer pays with the currency they have and the producer gets the currency they want to hold. So why the big fuss over Russia’s requirement to receive Roubles?
Russia has easily countered the attempts at financial sanctions, resulting in some interesting outcomes that further confirm the view taken by Modern Monetary Theory
Electronic impulses on computers only stop tanks in Call of Duty. War is not a game, and stopping it will require rather more than attempts at financial alchemy