Ones and Tooze The Fall and Rise of the Russian Ruble
Apr 8, 2022
The podcast dives into the remarkable rebound of the Russian ruble, recovering from a dramatic drop after sanctions, sparking discussions on its implications for the ongoing conflict. Learn about the complexities of sanctions and their effects on economic stability in Europe. The hosts also delve into the fascinating history of canned fish, exploring its culinary evolution and cultural significance. Additionally, urgent issues like overfishing and the future of sustainable fish farming are tackled, highlighting the need for responsible practices in our seafood consumption.
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Ruble Rebound
- Russia's ruble rebounded to pre-war value despite sanctions, but this is deceptive.
- The Russian government manipulates the market by restricting ruble sales and requiring gas payments in rubles.
German Hesitation
- Germany hesitates on energy sanctions due to potential economic damage, but there is no credible model predicting catastrophe.
- Economists use models for gains from trade and business cycles, but neither captures the impact of turning off the gas tap.
Energy Payments
- Germany claims that Russian energy payments aren't fueling the war due to central bank sanctions, but this claim is self-serving.
- Russia receives substantial funds, bolstering its financial system, though separate sanctions restrict their purchase of war materials.