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Pain on everyday russians that they start to then consider whether or not this is a good idea to have the administration in russia in place and vladimir putin. the reason why i say this, the ruble becomes front and center in currency. let s put it this way. precrisis last fall it cost you 70 rubles to buy one u.s. dollar. that was the exchange rate. earlier today it spiked up to around 110 rubles to buy that same u.s. dollar. now, in essence what that does is in an import/export centric economy like russia where they have a lot of commodity exports, right oil and gas, wheat and grains and that sort of thing but they have to buy everything else from the world, if everything else became 30% to 40% more expensive including those for everyday russians and everyday goods they use, that s where you start to really feel kind of the impact of things. so this is not just about, guys, the oligarchs but it is also very much about everyday ....
Investors say geopolitical risks they do abound, and they tend to ease over time. general petraeus mentioned some of the historic levels of financial market turmoil that have happened in russia. i mean, the words being used are, again, historic, collapsed, unprecedented, all of these things, especially when it comes to the currency. that russian ruble weakens to its worst level on record, at one point today, it cost around 110 rubles to buy just one u.s. dollar. to give you some context at the beginning of the year, it cost around 75 rubles to buy the same dollar. that s how weakened the currency has gotten, and it s that quick and massive depreciation that led the russian central bank to more than double interest rates to 20% from 9 1/2%, i mean, here we re talking about some of the turmoil that s being caused by the fed, looking to raise rates by 1/2 of 1%. all in an effort to stop the selling pressure on the ruble, and try to encourage people and ....