Listen to "Reality Check with Ben Swann" on Spreaker.

Panic in Russia: Fearing Inflation, Consumers Rush to Make Purchases Before Prices Rise Further

With Russia's economy crumbling under the pressure of falling oil prices and steepening US sanctions, the ruble has plummeted by 19% over the past three days, igniting fears of a currency crash and bank runs. Long lines have begun to form at Russian retailers as consumers rush to make purchases before companies implement additional price increases.

Must Read

ABC News Buried Epstein Story?

In this episode of Truth In Media with Ben Swann, we’re taking a look at new footage from Project Veritas revealing that ABC News refused to air an explosive story detailing Epstein’s alleged crimes years ago, and a hot mic captures exactly why ABC did so.

Unstoppable Domains

Uncensorable blockchain domains. Every domain purchase supports Ben Swann and Truth in Media

The Government’s War on Wikileaks, Assange, Manning and Hammond

In episode 7 of Truth In Media with Ben Swann, we explain the secret grand jury targeting Julian Assange, Chelsea Manning, and Jeremy Hammond, and discuss the government's lasting damage on the lives of whistleblowers in an interview with John Kiriakou.
Barry Donegan
Barry Donegan is a writer, musician, and pro-liberty political activist living in Nashville, TN. Donegan served as Director-at-Large of the Davidson County Republican Party from 2009-2011 and was the Middle Tennessee Regional Coordinator over 30 counties for Ron Paul's 2012 Presidential Campaign. Follow him at facebook.com/barry.donegan and twitter.com/barrydonegan

Russia’s economy is on the ropes. According to Bloomberg, the ruble fell 19% in just the past three days, and plummeting oil prices are also hammering Russia’s oil-based market. As the Russian government scrambles to implement emergency fiscal measures, retailers are taking cautious steps of their own, with some warning consumers about imminent and steep price hikes, and others, such as Apple, suspending online sales in the country entirely. The above-embedded video by CNBC‘s Nightly Business Report highlights some of the specifics of Russia’s current financial woes.

Daily Mail is reporting that consumers in Russia have begun a mad rush to stores in an effort to make purchases on expensive items like automobiles and furniture before prices surge further. Many stores that have remained open for business through the crisis are reporting sales records, though the temporary boosts in revenue are not being hailed as a productive economic indicator.

“This is a very dangerous situation. We are just a few days away from a full-blown run on the banks… If one does not calm down the currency market right now, the banking system will need robust emergency care,” noted an editorial in the Russian business magazine Vedomosti.

- Newsletter -

Authorities in Russia responded to the collapsing currency by pushing up interest rates to 17%, according to Business Insider. A Russian bank manager, quoted by Vedomosti, said of the rate hikes, “Raising rates up to 17% — that’s the end of the banking system.”

With consumers forming long lines at retailers, Russia’s current currency crisis risks worsening into a situation like the one that devastated the pre-World War II economy of the Weimar Republic, when shoppers carried money in wheelbarrows to purchase groceries. Daily Mail quoted a Russian shopper, who compared Russia’s modern woes to the nation’s 1998 ruble crisis and said, “What’s pressuring us is the fact that many people [back then] rushed to withdraw money from bank cards, accounts… We want to safeguard ourselves so that things wouldn’t be as bad as they were back then.” Currency fears are pushing consumers to invest their money into durable goods rather than financial instruments.

Financial experts have blamed falling oil prices and US sanctions for creating Russia’s current crisis. According to New York Daily News, President Obama plans to sign a bill imposing additional sanctions on Russia, despite the fact that the nation’s economy is on the brink of a potential collapse. RT notes that Obama has yet to sign the Russian sanctions bill, a geopolitical chess move aimed at influencing Putin’s response to Ukraine’s political crisis, but could as soon as the end of the week.

- Advertisement -

Featrued Sponsors

Unstoppable Domains

Uncensorable blockchain domains. Every domain purchase supports Ben Swann and Truth in Media

Holland Center

Holland Center is a day treatment program and medical clinic for children with autism.

Pure VPN

Military grade privacy on all devices.
- Advertisement -

Latest News

video

ABC News Buried Epstein Story?

In this episode of Truth In Media with Ben Swann, we’re taking a look at new footage from Project Veritas revealing that ABC News refused to air an explosive story detailing Epstein’s alleged crimes years ago, and a hot mic captures exactly why ABC did so.

Unstoppable Domains

Uncensorable blockchain domains. Every domain purchase supports Ben Swann and Truth in Media
video

The Government’s War on Wikileaks, Assange, Manning and Hammond

In episode 7 of Truth In Media with Ben Swann, we explain the secret grand jury targeting Julian Assange, Chelsea Manning, and Jeremy Hammond, and discuss the government's lasting damage on the lives of whistleblowers in an interview with John Kiriakou.

Protecting Free Speech with Unstoppable Domains

Software company Unstoppable Domains is aiming to put an end to online censorship by providing blockchain-based domains.
video

Ben Swann Breaks Down ABC News Fake Video of Syria Massacre

Mainstream media outlets across the country have been rigorously covering the news of President Trump pulling troops out of Northern Syria. But are these...
- Advertisement -

More Articles Like This