The Russian Economy After the Ruble Crash

Currency crashes are something to behold. Especially when you are in the middle of one and the excuses behind it. This one, via Ateo Breaking, is familiar. If you have ever been in the middle of a crash, this is a comforting, if temporary, thought. Officials tend to go into this fantasy to keep people calm:

Anton Alikhanov is either showing a poor understanding of economics, or he is down right Orwellian. Perhaps a little of both:

Russians will become significantly richer due to the fall of the ruble, said the head of the Ministry of Industry and Trade Anton Alikhanov. He noted that the growth of the dollar exchange rate could have a positive effect on the well-being of citizens and the development of the country’s economy.

The Minister is confident that Russians will get rich thanks to increased exports, scientific discoveries and localization of production capacities at domestic enterprises — The @AteoBreaking editorial team is closely monitoring the situation

Yes, Russian exports will be cheaper. That includes oil at this point. Russia is not an industrial country. While one of its exports is tanks, they have not fulfilled orders. It’s about a war where they need every tank available.

Yes, Russia also exports food. Those prices are set at future exchanges. But Russia…