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Fri, Dec 19, 2014 Pater Tenebrarum (David Stockman's Contra Corner) 3,661

This article originally appeared at David Stockman's Contra Corner


The Russian ruble has been in panicked free-fall, not unlike the oil price. Last night the Russian central bank reacted by hiking its interest rates, not in baby steps, but rather in giant strides. This was incidentally the second rate hike in just four days and the fifth this year. From the press release: