Volatile Russia Could Be Bad News for Everyone
Messy business: the US shale revolution could make it the biggest producer of crude in the world, but cheap oil may derail the renaissance
by Liam Halligan
Telegraph.co.uk
‘Be careful what you wish for, because you just might get it”.
Some say this aphorism has Spanish origins. Others attribute it to Oscar Wilde. Wherever it comes from, as sayings go, this one contains much truth. Getting what you want can indeed have unseen and unpleasant consequences. That’s worth remembering, as we celebrate cheaper oil, while watching the Russian rouble plunge.
Since midsummer, the rouble has largely tracked the decline in global oil prices. Last week everything changed. Crude remained stable but the Russian currency collapsed, losing a third of its dollar value in a day. Responding to “Black Monday”, Russia’s central bank hiked interest rates from 10.5pc to 17pc.
Continue Reading at Telegraph.co.uk…
Source: http://financialsurvivalnetwork.com/2014/12/volatile-russia-could-be-bad-news-for-everyone/?utm_source=rss&utm_medium=rss&utm_campaign=volatile-russia-could-be-bad-news-for-everyone
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