this post was submitted on 27 Nov 2024
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I'll never understand how economies work, I just assume it's all imaginary money.
All moneyis imaginary. Economics works by allowing some people with a lot of imaginary money to exploit (the planet and) people that depends on them by giving miniscule amounts of imaginary money, just enough to survive.
You're basically right anyway.
Speaking basically they are right.
Speaking at medium understanding they are wrong.
Speaking at advanced understanding they are absolutely correct.
Effectively, no one can buy Russian goods so no one wants to buy Russia currency.
As such, it has low value as everyone is trying to get rid of something that is worthless to them, and a willing to accept a lower price to do so.
Or using high school economics- lots of suppliers, low number of buyers, value drops.
Think of it as demand, right now people want Russian money less.
Speculative economics is literally definitionally imaginary. In this case, it's because of real factors with Russia's GDP - the massive amount of trade embargoes on Russia meaning they can't really import or export a lot of the stuff they would have made money on, as well as them grinding all their young men (who would otherwise be working) into a pulp.