December 16, 2014 Castries, Saint Lucia Last night, the Russian central bank announced a shock decision to hike up its key interest rate from 10.5% to 17%, effective immediately. Incredible. On Monday alone the ruble declined more than 9% against the dollar, and almost 50% in 2014. It looks like a massacre. If you listen to conventional financial news, they’ll all tell you that you’d have to be insane to own anything in Russia right now—stocks, bonds, currency, etc. They’ll tell you that the ruble is in freefall, and that the dollar is the place to be. But if you have been a reader of this column for any length … Continue reading Surprise! Guess which currency has stronger fundamentals— the dollar or… ruble?
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