This is John Bachelor, conversation with my good friend and colleague Michael Bernstom

in the Hoover Institution who's guided me since before the war in Ukraine started

on the Russian economy under severe sanctions.

Now a surprise.

On June 12th, which Michael tells me is a holiday like July 4th in Russia,

no one was at the bank and announced by the Treasury in the US sanctions on 300 banks,

in particular one money exchange, the Moscow exchange, which means that in order to get dollars for your

rubles to convert your rubles into ability to pay customers from overseas. You need to go to the

individual banks. They were not quoting 89 rubles per dollar. They were quoting

100, 120, 150, even 200. And Michael

describes this panic as similar to what happened during the mutiny of a

year past.

Here's Michael Bernstein to describe the panic in Moscow, the panic in Russia, and the banks

open after the holiday within hours what is to be done.

A bank run is possible.

Michael Bernst-Thoumar Hoover Institution.

More of this later.

Thank you.

The central bank announced that all deposits, individual enterprises from company deposits,

that they will be intact. But the problem is how they can guarantee it. So there may be running banks that people will try to withdraw their deposits like they did when the war started in February, March 22 or when there was a mutiny, a year ago in June 23 and again

the ruble fell and it was 200 rubles for the dollar. So it was it is very hard for the banks.

There may be some effect on some banking panic and the crash in the banks. It's

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