I don't know. But the stock market is now down 58% or so for the year, and they shut it twice in one week. Friends of ours are calling and complaining they can no longer get any credit, and what credit lines they had are wiped out and no longer valid (credit cars, etc). My mother-in-law cannot withdraw her funds. Everyone's talking about 1997. Does this spread?
They have also burned through approximately 60% of their cash reserves and look at the results. IMHO Russia's only alternative to save itself it to start more wars to achieve complete control over energy supplies.
Great. Apart from that pleasant macro overview, does anyone see this spreading to other countries? Ie ala 1997? I've invested in Turkey, and I think this is all I need to know to get the F out of the ISE.
With Russia, don't buy the dip, buy the crisis. I bought some LETRX back in 1998 and I sold it about 6 months ago. i am looking to buy again when the RTSI gets to about 800 or so. Look at ROS today. Holy shitsky!
Don't worry elsewhere resident genius Southamerica said it's just a correction.LOL http://www.reuters.com/article/usDollarRpt/idUSN1753316520080917 Capital teaching the KGB guys a lesson.
I just was talking with someone in St. Petersburg. Kit Finans also didn't have money to pay out its clients.
If it's a Russian thing, then fine. If it's the beginning of another 1997-1998 thing, then it's scary.
Dont know. For example in Georgia there is the same situation as you have described from August 10. Partly because of war, partly because of economy have run out of cash. I was sending there USD 2K 10 days ago. And bank couldnt find cash to pay it out for 4 hours. And we are talking about one of the main branches of Bank of Georgia in Tbilisi. Which is by far the largest bank in country. I believe it will spread like cancer to other countries as well.
Ouch! You can sure say THAT again!!! Some would suggest that the USA has "engineeered" a global financial meltdown to teach the Ruskies a very valuable "lesson". Kind of like attacking the Soviets, without using any planes, missiles, or tanks.