by C Serpa
In a December 31, 2014 interview with TF Metals and Jim Willie:
US SANCTIONING RUSSIA IS BACKFIRINGI disagree that the US is driving down the oil price. I also disagree that the Russian economy is in tatters.
You can’t believe Reuters or Bloomberg. The ruble goes down, and the oil price goes down. This is the news: There is no change in the oil price in ruble terms.
My contact in Russia, who has a son in Moscow, asked him how the import prices are affected. They have sudden moves up to 10%, but they go down in a couple of weeks. That means the Russians are cleverly managing their reserves with 160 down to $130 Billion in Treasury Bonds to manage the foreign imports that they pay for with dollars.
The Russians have no change in their oil revenues in ruble terms, while…
View original post 2,612 more words