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Russians can no longer get money out of Russia

Posted by John Reed on

A Russian in NYC said, “Everyone I know [in Russia] is trying to get money [rubles] out at all costs.”
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Told ya. What they really mean is they are trying to convert rubles into non-inflated foreign currency. The alternative is to buy goods and hope to barter with them.

At present in the US, converting your USD into other currencies is no big deal. But if the ’flation hits the fan, it will be illegal, as getting the local currency out is now illegal in Russia. Procrastination may be fatal to your life savings.

And your foreign currency must be held outside the U.S. Any foreign currency that you have here will be declared contraband and you will be forced to convert it back to USD at a lousy conversion rate.

I have wondered if debit cards will work during hyperinflation. Be advised that Mastercard and Visa debit and credit cards have now stopped working in Russia. Those two companies had a 74% market share there in 2020.
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But this is different from future inflation in the US. The cause today is international sanctions. We still do not know if debit cards will work in the US during future possible inflation. 

The Russian stock market and Forex dealers have been closed since Monday. Are stocks good in inflation? Not if the stock market is closed.

I do not know if any Russians bought my hyperinflation book. They should have. If they transferred rubles to foreign currency held outside of US, they are now saying “spaceeba, Bawg.” “Thanks, God” or maybe “spaceeba, Vanya” which means Thanks, Jack.”

My email is johnreed@johntreed.com.


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