Russian ruble is scam

[Minecache]

Over the past 123 years, the Russian ruble has defaulted three times. What is the probability of a fourth default?

The entire fiat money system is a scam, scheme, "long con" etc. Sure, you can look specifically at Russia, while I can look specifically at the U.S., or Europe, Britain, China, etc.

Every fiat money system is doomed to fail the moment that central banking is introduced and next when there is nothing backing the currency. You will never be able to pay the interest that you are owing to the bank on the first dollar that is lent. For example, if $1 is lent to a government at 1%, interest, will the $0.01 come from if that is the only $1 that exists? The same principle applies at scale.

USD have had their defaults, including the global financial crisis and the great depression, as well as crisis' in between. Other fiat currencies are ongoing largely irresponsible monetary policy, including USD, GBP, EUR, AUD, CAD, and more that are controlled by the west. The east have gained dominance in economic power however themselves and the rest of the globe using fiat currencies will all experience the same fate.

You are correct, the entire centralized monetary system is a scam on a large scale but backed by the government, so it is not listed as a scam. But it's confusing that the OP only mentioned the Russian ruble and ignored the currencies of other countries. I was also about to ask OP as panganib999 mentioned, maybe he lost too much in forex trading and came here to blame the Russian ruble, LOL.

But no matter what, though this monetary system is a scam and it is killing our lives every day because of its devaluation. We will continue to use it and cannot give it up completely even if we already have bitcoins. But as long as we use them wisely, don't hold them too much, don't trust them too much, and always diversify into other assets, there should be no problem.

[1714691646]

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[1714691646]

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[fruktik]

Ruble is not a scam the default in the currency doesn't male it a scam,since we know the reason behind it. The ongoing war and sanction of Russia from the western world has led  to the default in Ruble. With all the sanctions and ongoing war,Russia economy is still far better than some European countries because Russia has abundant of gas. I don't see this default as some drastic,since almost every country currency do default. No currency used by a government is scam. Russia needs to stop the ongoing war and embrace peace for the betterment of their economy.

        Yes, there is a lot of gas in Russia, but no one wants to buy it anymore because of the same economic blockade. Europe has almost completely abandoned this Russian resource and buys from others. It is already known that 50% of income from this source does not go to the treasury.
        For the default. So he has been several times in recent years. The country could not fulfill its obligations to investors. Somehow they got out, but these are prerequisites for something terrible. It seems to me that there is still more to come.

[Kakmakr]

The question is... Can this not be applied to ALL Fiat currencies?

How many times have governments around the world manipulated the "value" of their local currencies? How many countries have bailed out the Banking system with tax payers money to rescue them from a total collapse? (USA being at the forefront of those kinds of actions)

Since 1933, the U.S. dollar has lost 92 percent of its domestic purchasing power.... do you think the US Dollar are also a scam or is this just the natural future of all Fiat currencies?

[pooya87]

The subject is too silly! First of all fiat currencies don't default, the governments default on their national debt. It also is not limited to Russia, it is true about all fiat currencies since every single government has been printing fiat nonstop and increasing the national debt which they eventually default. The only difference is the size of that debt and the speed at which it grows.
By all measures US dollar is the worst since it has has the fastest speed at which the national debt grows not to mention that it also has the biggest debt of all times which US government defaulted just recently.

https://www.usdebtclock.org/world-debt-clock.html

[moneystery]

Over the past 123 years, the Russian ruble has defaulted three times. What is the probability of a fourth default?

why do you say that it is a scam? the continuously declining value of the ruble is a result of their unstable economy and increasingly massive western sanctions on Russia, but that doesn't mean that the ruble is a scam.

there are many reasons why a country would allow their currency to remain as it is and even tend to allow its value to continue to fall, first is they need it for exports, burden the sovereign debt, overcome trade deficits, make various foodstuffs more affordable, etc., so saying the ruble is a scam even when you don't know any economic theory like this is funny.

[avikz]

Over the past 123 years, the Russian ruble has defaulted three times. What is the probability of a fourth default?

Lol! Defaulting on foreign debt has nothing to do with a currency being a scam. Even US was on the verge of defaulting recently, but the government just increased the limit of debt cealing and printed more money. Isn't that a scam too? Look before you leap.

Russia is full of natural resources and one of the biggest suppliers of oil and natural gas. It's not easy for the west to just impose sanctions and bring them to their knees.

[samcrypto]

Over the past 123 years, the Russian ruble has defaulted three times. What is the probability of a fourth default?

Fiat currency as a whole is a scam, but we have no choice but to use it since it is being controlled by the government.
Russian ruble surely have their own pros and cons, but they are trying to partner this with some of the powerful currency and that could be a big threat to USD seriously, especially with the current movement of BRICS countries. Anyway, what's your purpose of posting this? Its good that we have cryptocurrency now where we can have full control over our own money.

[Sithara007]

Defaulting on foreign debt has nothing to do with a currency being a scam. Argentina has defaulted nine times already. Russia's situation is different because it is still capable of paying its debts but sanctions make it difficult to do so. The debt that it defaulted on was denominated in foreign currency so the ruble isn't involved in any way. Interestingly, if US and European banks continue to freeze their funds they might consider repaying their debts with Bitcoin.

Also, it matters who owns this debt. If a large part of the Russian debt is owned by institutions and individuals from the Western nations, then Russia should just refuse to pay. First they can pay Russian citizens who owns this debt in Russian Rubles and can use currencies such as the Chinese Yuan to pay interest to those who are from friendly nations. Technically, it is still default but for now the Russian government should not worry too much about it. Sanctions are not going to stay forever and the payment to westerners can be done once the funds are released.

[sesterceshop]

Russia faces a high risk of default in the near future due to its low growth, high inflation, sanctions, and geopolitical tensions. They should change the name to SCAMble.

[iv4n]

The question is... Can this not be applied to ALL Fiat currencies?

How many times have governments around the world manipulated the "value" of their local currencies? How many countries have bailed out the Banking system with tax payers money to rescue them from a total collapse? (USA being at the forefront of those kinds of actions)

Since 1933, the U.S. dollar has lost 92 percent of its domestic purchasing power.... do you think the US Dollar are also a scam or is this just the natural future of all Fiat currencies?

They are all the same... corrupted to the bones. It's impossible to count how many times have governments manipulated all markets, bailed out fallen banks, and extracted money from different funds... on a daily basis over decades. I guess this list is endless.

And I think that any kind of repair is impossible, this world that is growing so fast needs something new and better, if it can save us from damned politicians and banks and all those people in suits.

[DrBeer]

Over the past 123 years, the Russian ruble has defaulted three times. What is the probability of a fourth default?

The answer is simple - if the world, once again, plays "loyal survivors", and SAVE Russia from collapse - everything will happen again and again, including wars, terrorism, provocations and blackmail of the normal world, which saved Russia more than once.
It is necessary to understand that Russia was not, is not and will never be an adequate world partner like other countries. It will always be not enough, it will always be offended, it will always be envious, it will always steal, and destroy, and LIE....
It seems to be time to create conditions for the liberation of the peoples of the regions of Russia that have been invaded by Muscovy/USSR/Russia over the last 3 centuries. And everything should end not with another crisis or default, but with the "direct pulse line of the international terrorist state".
Just don't try to resuscitate this foul-smelling corpse, let it go in peace....
By the way, what is amazing - after the described events - nothing negative will happen in the world, yes yes, just try to simulate a situation when tomorrow morning, just from the globe will disappear this country, and try to think of what will change for the worse ? You will be extremely surprised - but you won't be able to name a single point

PS All conclusions are based on personal experience of living in the USSR, staying in Russia, and on the study of real history.

[slapper]

Defaults three times in 123 years? Any currency would have a hard time taking that in. You have good reason to doubt there will be a fourth attempt; after all, "once bitten, twice shy," right?

We may look at past data and current economic patterns to estimate the likelihood, but such numbers rarely offer much solace. Like a box of chocolates, the foreign exchange market always has some surprises in store for you.

There are a lot of factors at play, including geopolitical tensions, sanctions, oil prices (given Russia's reliance on them), and global economic trends. Default prediction is like trying to capture a unicorn.

Don't waste mental energy wondering "what if"; instead, concentrate on "what is." If you want to make smart choices, you should monitor economic statistics and trends.

[kryptqnick]

As others have mentioned, the last default was due to sanctions, and I would even say that it's just a default on a technicality. Russian ruble defaulted not because Russian didn't have enough money to pay the foreign debt obligations; they couldn't pay in the right currencies because of the sanctions.
So yeah, it can happen again, but unfortunately, I don't think there's a big impact from that. And as for the real situation, Russian economic policies managed to keep the currency afloat, although the ruble has been steadily losing its value against the USD this year.

[BenCodie]

Over the past 123 years, the Russian ruble has defaulted three times. What is the probability of a fourth default?

The entire fiat money system is a scam, scheme, "long con" etc. Sure, you can look specifically at Russia, while I can look specifically at the U.S., or Europe, Britain, China, etc.

Every fiat money system is doomed to fail the moment that central banking is introduced and next when there is nothing backing the currency. You will never be able to pay the interest that you are owing to the bank on the first dollar that is lent. For example, if $1 is lent to a government at 1%, interest, will the $0.01 come from if that is the only $1 that exists? The same principle applies at scale.

USD have had their defaults, including the global financial crisis and the great depression, as well as crisis' in between. Other fiat currencies are ongoing largely irresponsible monetary policy, including USD, GBP, EUR, AUD, CAD, and more that are controlled by the west. The east have gained dominance in economic power however themselves and the rest of the globe using fiat currencies will all experience the same fate.

You are correct, the entire centralized monetary system is a scam on a large scale but backed by the government, so it is not listed as a scam. But it's confusing that the OP only mentioned the Russian ruble and ignored the currencies of other countries. I was also about to ask OP as panganib999 mentioned, maybe he lost too much in forex trading and came here to blame the Russian ruble, LOL.

LOL. That is a good theory for why he only mentioned the ruble and not the others :")
A darker opinion, is that he is still under the veil of the lies of his government. All governments lie to their citizens to keep the veil over their heads, the longer they keep it up, the less likely there will be local disbelief in their own country, leadership and money.

But no matter what, though this monetary system is a scam and it is killing our lives every day because of its devaluation. We will continue to use it and cannot give it up completely even if we already have bitcoins. But as long as we use them wisely, don't hold them too much, don't trust them too much, and always diversify into other assets, there should be no problem.

Exactly. The best thing you can do with money is use it for other value-retaining/store of value assets so that you don't get caught in the mess on the day that confidence is lost in money, and it rapidly declines to being worth nothing. We are almost there already....but what people don't realize that once it is worth 0, it becomes impossible to use.

It's not possible for a stock, bitcoin, or any other asset/currency that has intrinsic value outside of confidence to go to...but once fiat loses all confidence, it's just paper and worth nothing more than that.

[wxa7115]

The question is... Can this not be applied to ALL Fiat currencies?

How many times have governments around the world manipulated the "value" of their local currencies? How many countries have bailed out the Banking system with tax payers money to rescue them from a total collapse? (USA being at the forefront of those kinds of actions)

Since 1933, the U.S. dollar has lost 92 percent of its domestic purchasing power.... do you think the US Dollar are also a scam or is this just the natural future of all Fiat currencies?

They are all the same... corrupted to the bones. It's impossible to count how many times have governments manipulated all markets, bailed out fallen banks, and extracted money from different funds... on a daily basis over decades. I guess this list is endless.

And I think that any kind of repair is impossible, this world that is growing so fast needs something new and better, if it can save us from damned politicians and banks and all those people in suits.

Corruption does not have anything to do with it, fiat currencies were created from the beginning with the intention of cheating everyone which holds the currency.

Back in the day when gold coins were used, coins were either clipped, which means a part of the coin was cut as a form of tax, or there was debasement on the materials used to make the coins, however both of those changes were too obvious and everyone knew what is going on, fiat currencies are just an extension of the same concept, it is just that the truth is hidden a little bit better, but with the internet and the free flow of information some people are starting to notice the fiat system itself is a scam.

[coupable]

Ruble is not a scam the default in the currency doesn't male it a scam,since we know the reason behind it. The ongoing war and sanction of Russia from the western world has led  to the default in Ruble. With all the sanctions and ongoing war,Russia economy is still far better than some European countries because Russia has abundant of gas. I don't see this default as some drastic,since almost every country currency do default. No currency used by a government is scam. Russia needs to stop the ongoing war and embrace peace for the betterment of their economy.

        Yes, there is a lot of gas in Russia, but no one wants to buy it anymore because of the same economic blockade. Europe has almost completely abandoned this Russian resource and buys from others. It is already known that 50% of income from this source does not go to the treasury.
        For the default. So he has been several times in recent years. The country could not fulfill its obligations to investors. Somehow they got out, but these are prerequisites for something terrible. It seems to me that there is still more to come.

Russia is supported by its allies to overcome its economic and financial crisis imposed by Western sanctions. These allies are essentially the BRICS alliance, which includes major economies capable of absorbing Russian exports. Two days ago, it was announced that Indian imports from Russia reached their highest levels in their history, and Chinese imports of Russian energy products also reached record levels. We do not fail to mention that these surpluses of imports are acquired at very low prices compared to prices in the global market, but it seems that this does not bother Russia due to its huge production and its ability to meet its needs at low prices. In addition to Russia controlling a large part of the Ukrainian economy and targeting its vital facilities to increase demand and raise the price in the global market, and I mean especially grain.

[safar1980]

Over the past 123 years, the Russian ruble has defaulted three times. What is the probability of a fourth default?

123 years ago in America for 1 dollar you could buy 1 pair of good shoes, but what can you buy for 1 dollar now. Probably a glass of Coca Cola The monetary base in America has increased by almost 2000 times in 123 years and America has no way to pay off its domestic and foreign debts. The ruble looks even more stable.

[Vishnu.Reang]

Over the past 123 years, the Russian ruble has defaulted three times. What is the probability of a fourth default?

123 years ago in America for 1 dollar you could buy 1 pair of good shoes, but what can you buy for 1 dollar now. Probably a glass of Coca Cola The monetary base in America has increased by almost 2000 times in 123 years and America has no way to pay off its domestic and foreign debts. The ruble looks even more stable.

Well, inflation is a reality. All the fiat currencies around the world are losing their value with every passing year, as the governments are resorting to printing unlimited amounts of banknotes to provide freebies and subsidies to the population. US Dollar sill has the best protection against inflation, because it is the trade and reserve currency of the world. But Russian Ruble doesn't have any such protection. It has lost more than two-third of it's value (against the USD) during the last decade. And as long as the war goes on, it will continue to decline.

[wxa7115]

Over the past 123 years, the Russian ruble has defaulted three times. What is the probability of a fourth default?

123 years ago in America for 1 dollar you could buy 1 pair of good shoes, but what can you buy for 1 dollar now. Probably a glass of Coca Cola The monetary base in America has increased by almost 2000 times in 123 years and America has no way to pay off its domestic and foreign debts. The ruble looks even more stable.

Fiat currencies are unstable by nature, now we may argue about which one of them is the best of the lot, but at the end this is a useless discussion as all of them are terrible for the average citizen.

It is because of this that the ultra rich keep just enough money in hand in order to keep their businesses working, but the rest of their wealth is invested in hard assets, this way if the economy happened to collapse and fiat went down with it they will be barely affected by it.

[mindrust]

Russian Ruble is a scam just like the USD. Back in the 70’s USD defaulted too when they removed the USD from the gold standard. Right now every FIAT currency is a scam because nothing is backing them. The central banks can create FIAT out of thin air unlike gold which you need to work hard to get it from the ground. Don’t be so hopeless though, every FIAT currency in history failed and that means any FIAT currency in existence right now will also fail.