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The John Batchelor Show

#Russia: The ruble slowly withers. Michael Bernstam, Hoover Institution.

The John Batchelor Show

John Batchelor

Society & Culture, Arts, News, Books

4.52.8K Ratings

🗓️ 17 August 2023

⏱️ 10 minutes

🧾️ Download transcript

Summary

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#Russia: The ruble slowly withers. Michael Bernstam, Hoover Institution.
https://www.wsj.com/articles/russias-central-bank-cant-stop-ruble-trouble-1069da7c?page=1


Transcript

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0:00.0

At TFL, we're making journeys safer for everyone, and that includes improving safety on London's roads.

0:07.4

That's why we and London boroughs are lowering more speed limits to 20 miles per hour,

0:12.3

because 20 miles per hour roads have already reduced collisions resulting in deaths or

0:16.8

serious injuries by 24%. That is how we're making journeys in London safer and brighter for everyone.

0:24.8

Such TFL improvement plan to the Mayor of London and TFL every journey matters.

0:35.4

This is CBS Eye on the World with John Bachelor. Here's John Bachelor.

0:42.1

The Russian economy under severe sanctions during Ukraine conflict, and now contradictions between

0:49.0

two headline writers. Bloomberg, Russians take rubble plunge in stride as economy adapts to war.

0:57.2

Some had no evidence of bank runs or panic buying this time around, and then the Wall Street

1:02.0

journal heard on the street, Russia's central bank can't stop rubble trouble. Subhead currency

1:07.7

derives value from trade flows more than financial ones, so higher rates do little to help.

1:13.1

I welcome Michael Bernstom of the Hoover Institution, my guide on the Russian economy

1:18.1

under severe sanctions. When last we spoke, Michael was noting that the rubble, which started in

1:25.2

the war around 50 and 60, was sitting at the low 90s, and there was talk of it not breaking 100.

1:34.1

Well, it happened. It broke 100 momentarily. And now, Michael, a very good evening to you.

1:40.0

The rubble looks to be in trouble, but the headline writer on one side says nobody's worried. On the

1:46.6

other side, the headline writer points to a slow but inexorable decline of the Russian economy.

1:52.9

Choose one, Michael. Good evening to you. Good evening to you, and both along. What happens,

2:01.0

you have to follow it by the hours because it's like in the movie plot. So as the central bank

2:07.9

of Russia, everyday in advance for the next day announces what the rate will be. And they made a

2:14.1

huge blunder on Monday when they said that it will be 100 rubles for the dollar. And they didn't

2:22.4

think that 100 rubles for the dollar. It's a huge psychological shock. It's a barrier that

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