Russians Rush for Dollars as Sanctions Threaten Ruble Collapse | Hacker News Reader

Russians Rush for Dollars as Sanctions Threaten Ruble Collapse

bloomberg.com

20 pointsvanusa5 comments

As I understand it, the west is freezing Russian central bank holdings. Meaning Russians will be unable to hold dollars unless they have an unsanctioned account in a foreign bank or have it as cash.

I doubt that there is much cash USD in Russian ATMs.

The paper rubles that come out of an ATM is just that. Surely the central bank can print more if the preference between holding money in the form of bank notes rather than in a bank account changes.

A portentious closing quote, indeed:

“There’s already a bit of a rush to take money out of ATMs, but no cash machine is designed for the lines that will appear at sanctioned banks.”

Archived version: https://archive.fo/Ems9w

There are an awful lot of videos showing russians lined up at atms. You can only withdrawal $20? Not going to be buying much with that. Most currency exchanges consider their currency worthless.

If the bank run doesnt crush their economy, why even show up to work? You know your employer might not pay you. You know your customers will hoard any money they do have and stay home.

This is going to be insanely bad for the average russian. Will this inconvenience be enough to get the average russian to protest or even overthrow their government? That's their choice to make, if they dont overthrow the government... they support their government's decisions.

I am incredibly excited at seeing an economy like Russia's collapse. It's not very often you can witness such events. If 1991 was bad (people barely had anything to begin with), Monday will feel like the end of everything for the Russian population. Elect insane leaders, get insane results.

The way you've been posting is horrific. Between "I am incredibly excited at seeing an economy like Russia's collapse" (https://news.ycombinator.com/item?id=30494084), "Lets hope your right about the financial ruin in Russia" (https://news.ycombinator.com/item?id=30495449), and "they will be walking around naked and hungry on the streets of Moscow" (https://news.ycombinator.com/item?id=30485091), and other similar comments you've inflicted, the only thing to say is no, you can't post like this here. I've banned the account.

If you don't want to be banned, you're welcome to email hn@ycombinator.com and give us reason to believe that you'll follow the rules in the future. They're here: https://news.ycombinator.com/newsguidelines.html. You can start with this one: "Be kind."

All: if you notice other comments like these, coming from users on any side of the conflict, please let us know at hn@ycombinator.com. Discussion here has taken a dive with this situation—that's unavoidable—but I think we can at least not fall into the darkest pits.

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