AS THE WORLD IS MOVING INEXORABLY AWAY FROM THE DOLLAR, COULD WE ONE DAY BECOME WITNESS TO A SIMILAR SCENARIO HERE IN AMERICA?
Fearing hyperinflation, Russian consumers aren’t taking any chances so they hurried into stores Wednesday to buy big ticket items before prices were forced further up by the rapidly plunging value of the ruble.
This week the Russian ruble has hit a record low of 80.10 against the dollar on Tuesday, raising fears of bank runs. The currency lost 19% of its value in just the past three days amid the worst financial crisis the country has seen since the late 1990s. Cars and home appliances were flying off the shelves – in some cases in record numbers, according to the Associated Press.