{"id":6219,"date":"2014-12-17T02:22:51","date_gmt":"2014-12-16T18:22:51","guid":{"rendered":"http:\/\/onthe8spot.com\/?p=6219"},"modified":"2014-12-17T02:22:51","modified_gmt":"2014-12-16T18:22:51","slug":"russia-has-just-lost-the-economic-war-with-the-west-business-the-guardian","status":"publish","type":"post","link":"http:\/\/onthe8spot.com\/index.php\/2014\/12\/17\/russia-has-just-lost-the-economic-war-with-the-west-business-the-guardian\/","title":{"rendered":"Russia has just lost the economic war with the west &#124; Business &#124; The Guardian"},"content":{"rendered":"<blockquote><p>A full-blown currency crisis. That\u2019s one way to describe the situation in Russia, where even the attempted \u201cshock and awe\u201d of a 6.5 percentage point-hike in interest rates failed to halt the rouble\u2019s slide on the foreign exchanges. The other is to say that Russia has been engaged in an economic war with the west \u2013 and has just lost.<br \/>\nPut simply, this was Moscow\u2019s Norman Lamont moment. Back in September 1992, the then chancellor said he would defend the pound and keep Britain in the exchange rate mechanism by raising official borrowing costs to 15%, even though the economy was in deep trouble at the time.<br \/>\nRussia is in even worse shape than Britain was in 1992. With a clapped-out manufacturing sector, it is over-reliant on its massive stocks of oil and gas at a time when the price of oil is falling through the floor. A barrel of Brent crude was trading at below $60 a barrel on Tuesday, compared to a recent peak of $115 in the summer.<br \/>\nvia <a href=\"http:\/\/www.theguardian.com\/business\/2014\/dec\/16\/russia-has-lost-economic-war-with-west-rouble-currency?CMP=fb_gu\">Russia has just lost the economic war with the west | Business | The Guardian<\/a>.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>A full-blown currency crisis. That\u2019s one way to describe the situation in Russia, where even the attempted \u201cshock and awe\u201d of a 6.5 percentage point-hike in interest rates failed to halt the rouble\u2019s slide on the foreign exchanges. The other is to say that Russia has been engaged in an economic war with the west &hellip; <\/p>\n<p class=\"link-more\"><a href=\"http:\/\/onthe8spot.com\/index.php\/2014\/12\/17\/russia-has-just-lost-the-economic-war-with-the-west-business-the-guardian\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Russia has just lost the economic war with the west &#124; Business &#124; The Guardian&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62,65,66,79],"tags":[],"class_list":["post-6219","post","type-post","status-publish","format-standard","hentry","category-personal-angol","category-philippines","category-politics","category-reposts"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/6219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/comments?post=6219"}],"version-history":[{"count":0,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/6219\/revisions"}],"wp:attachment":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/media?parent=6219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/categories?post=6219"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/tags?post=6219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}