Quote (Goomshill @ 14 Mar 2023 11:15)
Yes its easy to see everywhere. Russia is experience record inflation on food, energy, housing, etc. Their economy is in such shambles that businesses are fleeing inner cities as retail theft becomes widespread, violent crime following closely. Their tech sector is shedding jobs left and right, and now banks are collapsing due to lack of money. They are being outmaneuvered for access to global food, energy and rare earth elements. They've been in a recession for years but their central bank tries to just print more rubles and change the definition of 'recession' to pretend it isn't happening.
Are you sure you are talking about Russia?.
Energy/food inflation is about 10% - average for Russia as EMs usually run on double digit inflation numbers for years.
I don’t see evidence that businesses are fleeing inner cities. Retail theft/violent crime is not out of the ordinary from what I see.
Tech jobs did take a beating as huge part of IT sector was closely linked with the West and people had to either emigrate or adapt.
There has not been a single bank collapse despite unprecedented economical volatility. Central Bank did an amazing job and Nabiullina is one of the best Central Bank governors in the world at the moment.
Russia is one of the biggest producer of food/energy and some rare earth metals.
Russian CB is not big on printing roubles as EMs cannot follow MMT doctrine. They tried that in 1997 and collapsed. Instead they announced several ad-hoc taxes on energy/minerals exporters to replenish state coffers.