Holy (can't think of a good enough word)..

Are they insane?? (Well yes, we know they are but this is nutz).. They are leaving them no choice but to fight back... No one, that I know of, hates the Russian people.. Not one person I know...

This means the Ruble is officially worthless compared to other currencies and no one will accept it for goods or services.

To my knowledge, this has never happened before. Even at the height of the cold war, the Ruble still traded at about 38 Rubles to each US Dollar.

With no one to buy or sell to, Russia (along with China and India et al and their newly formed BRICS nations) may have no choice but to launch a full scale military operation to show the world they cannot be bullied.

Merry Christmas to all...

Susoni

PS The Brics nations are Brazil, Russia, India, China, Argentina, Bolivia, Uruguay,Gianna, Columbia, Chili, Ecuador,Venezuela, Peru, and South Africa.. (Gulp)

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From DutchSince:

Earlier, we reported that various currency brokers such as FXCM and FxPro, would - as a result of the soaring liquidity in the USDRUB pair - suspend trading in the Russian Ruble (while other merely hiked margins to ridiculous levels). It appears things have escalated again, and as FXCM just reported, instead of just politely advising clients not to open new USDRUB position tomorrow, it has advised anyone long, or short, the USDRUB that their positions will be forcibly shut in moments.

So for those curious why there appears to be a collapse in Ruble volatility in the past few hours which in turn has sent both stocks and crude soaring, the answer is simple: nobody is trading it!

And this is what happened following the post: as soon as all those short the RUB (long USDRUB) realized they have to take profits, the USDRUB tumbled some 500 pips (!) in the process sending stocks surging.