Biden has once again humiliated the United State of America.
President Biden has ranted and railed that his sanctions would cripple Putin and destroy the ruble.
On February 24, 2022, Biden’s official Twitter account wrote, “We’ve already seen the impact of our actions on the Russian currency — the ruble — which early today hit its weakest level ever. The Russian stock market plunged today. And the Russian government’s borrowing rate spiked above 15 percent.”
We’ve already seen the impact of our actions on the Russian currency — the ruble — which early today hit its weakest level ever.
The Russian stock market plunged today.
And the Russian government’s borrowing rate spiked above 15 percent.
— President Biden (@POTUS) February 24, 2022
A few days later the ruble started to crash and the Treasury Department celebrated.
“This action[sanctions] effectively immobilizes any assets of the Central Bank of the Russian Federation held in the United States or by U.S. persons, wherever located,” the Treasury Department announced.
They all celebrated too soon, just a month later the ruble is starting to recover.
The ruble is rebounding from the steep losses seen since Russia’s invasion of Ukraine, signaling that capital controls may be easing pressure on the currency https://t.co/KOpxgqkn7d
— Bloomberg (@business) March 28, 2022
The Russian ruble is at its high point against the dollar from the last 30 days, and close to its high point from the last year: substantially recovered, at least for now, from its post-invasion collapse: pic.twitter.com/cOmgZo2CLe
— Glenn Greenwald (@ggreenwald) March 29, 2022
Europe is still forced to buy oil/gas from Russia and according to the New York Times Putin is forcing them to pay in rubles. Using the Russian currency defeats the purpose of many of the sanctions imposed on the country for invading Ukraine.
What’s so infuriating is that Biden could have crushed Putin if only he had announced that the USA would ramp up domestic oil production and use it to fill the gap in Europe. The price of oil would have crashed and Russia couldn’t force European countries to pay in rubles. It truly would have devastated the Russian economy but Joe wouldn’t do it.
Never forget the words of former president Barack Obama, “Don’t underestimate Joe’s ability to f–k things up.”