Explain 2 Me: Russian Declining Incomes & Rising Prices?

This video explores the complexities of the Russian economy amidst declining income levels and increasing prices, as evidenced by user-reported data from Numbeo. The analysis reveals an inflation rate exceeding 19%, highlighting a troubling trend where rising prices occur in conjunction with decreasing income. This phenomenon is taking place in a high-interest-rate environment, pointing to supply-side constraints rather than increased consumer demand as the primary inflationary driver.
Additionally, we explore the impact of international sanctions on Russia, which have exacerbated these economic challenges. Despite attempts by neighboring countries like Kazakhstan to circumvent these sanctions, the strain on Russia’s economy is evident. The potential for inflationary pressures extends to essential goods, including food, as the winter season approaches, raising concerns about food security and affordability.
The video also references statements made by Polish Foreign Minister Radosław Sikorski, who has remarked on Russia’s vulnerability in the face of these growing economic pressures. His commentary underscores that Russia is not invincible but rather is showing signs of weakening under the weight of these cumulative factors. This analysis aims to provide a comprehensive understanding of the current economic situation in Russia, highlighting the interplay between sanctions, supply shortages, and their broader implications.

[@AngelEconomics]

Russian Economy: Stagflation hell Russian Officials: tis but a flesh wound

[@jameswirth3117]

Russia has always been an economic weakling.

[@Emerott]

With 30 Million people using outhouses... and not because they like it so.

[@DementiaDon]

@@Emerott It's sad what the oligarchs have done to Russia. Outside of major cities it's very poor with terrible infrastructure.

[@sharon_shaw]

With all its fossil and mineral reserves it shouldn't but for thieving oligarchs and a failure to invest in talent to develop and grow

[@UniversalAwareness101]

Thank you for the information.

[@aslfdjalskjflkajs134]

i remember a documentary about the babushkas of chernobyl. one of the women's words stuck with me for life: i'm not afraid of the radiation, i'm afraid of starving to death. and yes, she grew her own food in a contaminated area. she had lived through wwii and communism. it left an impression.

[@jooseppib1082]

There's really not that much radiation there that they need to worry that much anyways

[@EconLessons]

Yes but times and people are different as the world has the Internet and more aware. People do not want to live like that anymore. Look her up ten years latter.

[@jooseppib1082]

@@EconLessons yes for sure. But as an outsider looking in, it does really seem that the older rural Russians who were part of the Soviet times really seem content with almost nothing. Give them a root cellar to live in and some potatoes and cabbage and alcohol and they will praise the great leader of the country. This mindset is baffling to me

[@wegder]

With the Truman Doctrine, President Harry S. Truman established that the United States would provide political, military and economic assistance to all democratic nations under threat from external or internal authoritarian forces.Truman argued that the United States could no longer stand by and allow the forcible expansion of Soviet totalitarianism into free, independent nations, because American national security now depended upon more than just the physical security of American territory.

[@Play_fare]

All US political parties should then be backing this doctrine as mantra, and not messing around with it as election fodder, I’m looking at you MAGA GOP!

[@SwissSicilian]

Great reporting, as always - love it. What needs to be added, the old, retired people in ruSSia have barely enough to leave, if at all and the little they have, is being "eaten" away from the inflation on top. But as we all know, the criminals in that government couldn't care less about their people so I doubt that this all really concerns them as they are braindead.

[@EconLessons]

Pension earners in Russia earn 200 USD plus or something. I do not know if that is true but it could be. Ironically many of them were from the Soviet Era and support the Czar as they are too far indoctrinated.

[@king_of_mushrooms]

@@EconLessons I can confirm this is true. I don't know how they survive.

[@williammasselink]

​@@EconLessonsI've seen interviews of villagers in Russia on the internet. They think life would be good at $300 monthly pensions as they typically get less than $200 which they say only covers rent. Depend on family and friends to survive. When asked about Putin's boast of Russia #1 economy in Europe, they say it hasn't affected their daily lives.

[@volkerr.]

@@king_of_mushroomsthey live from their own garden and for sure from small work here and there. Some black market deal and all such things

[@GizzyDillespee]

Maybe Putin can mobilize age 60-70 next. He's already thinned the herd of the poor and his prisoners. Pensioners next! He could buy a fleet of Chinese electric scooters, and Chinese portable generators, and send the pensioners out in waves, tell them there's a free buffet in Pokrovsk

[@JRpolice_fan]

From Netherlands🇳🇱: 👍 Thanks for this video

[@maritaschweizer1117]

The Russian economy was driven by raw material exports and now it is driven ny governmet spendings as long as there are savings able to spend. When the national fund is empty, Russia is bancrupt.

[@karabenomar]

Before going bankrupt, Putin will kick the printing press into overdrive to prolong his stupid war for a few more months.

[@timbuxton6839]

Great work Mark, Winter is coming, nice to see your location scout finally came good, Slava Ukraine

[@sullyguy395]

Even when Russia gets around sanctions they spend money and sacrifice time and quality to get the product and service while chasing a moving target because Russia adapts then the West adapts. Nobody helps Russia evade sanctions without taking a cut. China and India don’t pay full market value for Oil from Russia just because they aren’t part of the European price cap. China and India: “We’re worried about secondary sanctions so we will only give a hair over the European cap.” Russia: “That’s robbery!” China and India: “Take it or leave it” Keeps Russian oil on the market, which keeps the prices down while keeping Russia from getting market value for it when it desperately needs the cash. So yeah, there is a reason why Russian trolls and paid Western assets are so emphatic that sanctions aren’t working, only hurt the West and need to be removed. And that reason isn’t concern about the West’s well being.

[@marcinniewiadomski8343]

Większe ceny w ruskich sklepach i inflacja to większe wpływy do ruskiego budżetu jakże potrzebne do prowadzenia wojny.Z jednej strony Nabulina chciałaby walczyć z inflacją podnosząc stopy procentowe ,ale Putinowi i reszcie kremlowskiej wierchuszki tak naprawdę nie zależy na obniżeniu inflacji . Władzy tak bardzo nie zależy na dobru jednostki.Przeznaczeniem jednostki jest płacić podatki i umierać na polach Ukrainy .

[@Smithsj82]

Not true

[@dustinhamabata902]

19% RCB interest rates eliminates consumer credit. With inflation: consumer bankruptcy, followed by sovereign bankruptcy is inevitable.

[@bardkuzniadram6193]

Look at this from this angle: more people will be in debt cause they will look for unofficial sources of credit, so more potential conscripts for Putler meat grinder. You can go to war to avoid debts. Evil but works for Tzar.

[@A._is_for]

Great to see you back😊

[@johncarroll1109]

thanks for making economic concepts digestable😁

[@williammasselink]

Remember Tucker Carlson saying Americans would be outraged by how cheap things were in Russia when he spent his 100 American dollars in a Moscow food market? I always look forward to the clarity of your informed analyses as an indispensable source of information on the true state of the Russian economy. Particularly looking forward to your upcoming BRICs episode and your take on Turkey joining and BRICs currency.

[@goaway7346]

100 American dollars go a long, long way in Russia.

[@EconLessons]

Was in school at the same time with Tucker at Trinity, hot air in Hartford and today around him.

[@brucejones5879]

I always listen to you because I trust your conclusions and observations. Thanks Mark!

[@EconLessons]

Thank you Bruce.

[@hectuswectus3645]

Thank you man, for someone who doesn't understand economics per say but just understand how important it is for a functioning society I find your videos very informative. Thanks!

[@hansericsson7058]

Thanks Mark, We need more people explaning this, Russia will fall if we just keep up the pressure and i dont believe a word of what comes out of Russia, Konstantin explaine this good as well that theres already empty shelfs in stores etc. Slava Ukraini!💙💛

[@knopkaplay0507]

@@hansericsson7058 Cuba will fall, Iran will fall, Syria will fall, Afghanistan will fall - just keep the pressure on and don't believe a word of what comes from anyone other than your own propaganda outlets.

[@dustinhamabata902]

Mark stands upon Florianska street, the main drag that goes through the old walled city of Krakow

[@stevenschaus6751]

I really appreciate your videos! Thank you

[@dustinhamabata902]

The busiest port in the United States is the port of LA-Long Beach. I've been on the beach in Orange County, one county South of Los Angeles County, and you can still see the line of container ships 30 miles South of the port.

[@jeffheiner]

I heard the Russian central bank is at 19% interest now!!!! Not only is Russia packing 1984 Orwellianism, but also 1982 Reaganism interest rates!!!

[@asan1050]

Mark!, You tell us the way it is, No BS! , Thank you very much!

[@DebbieKennedy-c5w]

You’re the only KZbinr that I can listen to and also hear the birds in the background! Love it. Also enjoy your educational podcasts. Thank you. Debbie, England.

[@thorolf1345]

They issue government bonds at !!!! 16% !!!!! with a maturity of 20 years and say they have no problems🤣

[@annewhitney8809]

I was thinking about you and the flooding in Central Europe. Glad you are ok.

[@EconLessons]

We just got rain but not flooding here.

[@bjrnhjjakobsen2174]

Great video - Kazakhstan Airlines were given direct US routes for helping out with the sanctions plus some US investments- it worked😂

[@EconLessons]

Thank you Jacobsen, great comment.

[@Kevin-et5zs]

I am SO stealing your phrase: "Yield to the logic of my arguments" just because I'm planning to repeat it, early and often. Thank you for another very interesting episode!

[@EconLessons]

Paraphrased it from Mr. Spock.

[@Kevin-et5zs]

@@EconLessons Fascinating!

[@user-zv8ph5du5t]

Pre-war Russia's economy was about the same size as Australia's - with a population 5 times the size.

[@swk327]

www.cia.gov/the-world-factbook/field/real-gdp-purchasing-power-parity/country-comparison/ Russia's economy dwarfs Australia's... Real GDP - CIA world fact book, RUS ranking 4th largest behind China, US, India.........nice try. Australia is 20th behind Poland at 19th and just in front of Thailand at 21st.

[@sjoerdvandriel7201]

Whenever you say Amsterdam, it's really Rotterdam. But enough of the nit picking: thanks for a clear, informative video once again!

[@mikefixac]

Mark, seeing the Ukraine war through the eyes of the economy is quite telling. Inflation up, income down. Doesn't get simpler. How do the goods get to Kazakhstan? Boy, that seems like a round about way? Thank you so much Mark, I'm learning a lot.

[@EconLessons]

I do not know the routes I have to explore this thanks Mike.

[@Delgwah]

Thank you, strength and love.

[@oleksandr3275]

Thank you for your analysis, sir 👍

[@barryhamm3414]

Russia is learning that it is not a great power; the longer this lesson takes the more devastating will be that realisation.

[@Indrid__Cold]

Russian people say "we will bleed for the Motherland." Vladdy Poontang says "I know."

[@sampedrotrading]

Solid analysis, thank you for the update, Mark!

[@volkerr.]

8:21 Russia hasn’t collapsed because USA don’t want it to collapse. Otherwise they could have supported Ukraine much more militarily and with harder secondary sanctions against others. But that would have an effect on US economy then as well. Not only on Europeans - especially Germans 🇩🇪

[@ClockworksOfGL]

The US isn’t a dictatorship and congress needs to approve of support for Ukraine. There’s an understandable skepticism from the people to the banging of war drums, especially if it might lead to mushroom clouds over Ukraine. Even so, the US has contributed greatly to Ukraine’s defenses, economy, and humanitarian aid.

[@alandevries7170]

Thanks, Mark.

[@peterselo7707]

I would like Tucker Carlson to seek asylum in Russia in December/January without access to US dollars: how will he then show off his purchases and shopping trolley in a Russian supermarket?

[@knopkaplay0507]

It's been what, a year since Tucker's shopping tour? Do you think his shopping trolley would look very different today?

[@peter-pi8bc]

@@knopkaplay0507 Not in Moscow or St Petersburg, but elsewhere in Russia things would be bad, especially in those regions from which most mobilised men come from.

[@knopkaplay0507]

@@peter-pi8bc how familiar are you with those regions? Do you really think a shopping cart would look drastically different in any city of reasonable size? Well, sorry to break it to you - it won't, unless you are going into the territory of faraway villages with a population of 30, where their shopping experience is a biweekly visit from "avtolavka" grocery truck. Any place that has chain stores, from Kursk to Magadan, to Ulan-Ude (is that the place you had in mind?), would have roughly the same selection and availability.

[@TheKenmak]

Hi Mark, how much impact have Ukrainian strikes on refineries and oil depots had? I'm sure Putin is redirecting any fuel shortages to the front, thus driving-up their domestic transportation costs. This has to be a major contribution to the high inflation. Thank you for the insights, we really enjoy watching your take on this! Ken

[@EconLessons]

Ken, hard to gauge but I do see the effect on income for individuals. If average income is going down there is an impact, guessing maybe 15% total economy but I have to more than guess.

[@nemosthlm]

Tack!

[@MassTnT]

Thank you from Italy 👍

[@EconLessons]

Love Italy thanks.

[@tonylarimer1326]

An example of the impact of sanctions on the economy that can be observed is in their, planes, trains and automobiles.;) planes are being increasingly sidelined by lack of parts and cannibalized. Trains are dependent on high quality roller bearings that were sourced from Germany these are no longer available. Lower quality bearings were being sourced from china. Cars are being Simplified. Quality control in all aspects of the russian economy is non existent. Recently I heard that diesel engines are being reconfigured to soviet era standards for their simplicity. Soviet era desiel engines were inefficient very dirty but simple. Everywhere you look sanctions are like an earthquake rippling through the economy.

[@tyo0815]

They on the Highway to north Korea 2.0.

[@alanzimmerman1674]

I don't put as much stock in Numbrio data as you do (self-selected respondents aren't representative), but I do find it persuasive that the Numbrio numbers dropped over time. (and of course the official Russian numbers are half-fiction too) You always have interesting analysis. Keep up the great work.

[@slawkahyzka2590]

Love your analysis Listen to you as often as I can

[@vaclavpecha1629]

Great summary

[@Namelis1]

Hey, I have an unsolicited topic idea, so feel free to say no. Have you considered profiling Elvira Nabiullina - head of the bank of Russia? The way the some of the KZbinrs has been going about her, she sounds like the sole competent actor in the Russian goverment, single handedly keeping Russia's economy afloat and in the fight. Would Russia do better without her? Would they do worse? Or is she just rubber stamping kremlin's policy, as an impotent mouth piece either way.

[@EconLessons]

Excellent idea thanks Namelis1

[@nancyhope2205]

Thanks.

[@marthacichon5950]

I love this piece of coding in this video’s cover! Thank you Mark!

[@knopkaplay0507]

Is this a good piece of coding? Asking for a friend...

[@marthacichon5950]

@@knopkaplay0507 haha, it‘s only a pseudo code and contains many shortcuts, for a starter the {PricesUp} and {Income Down} variables are not even explained explicitly and you would expect the assignment of the “False” value, like: else russia = false Also, it always depends on what language you use, who am I to judge :D I think this cannot be taken quite seriously in the terms of coding but I love the idea and the simplicity of the visualization of clear rules that can be definitely seen here:)

[@knopkaplay0507]

@@marthacichon5950 that's what I thought :-) Not a far cry from Mark's other thoughts and arguments: high propaganda value, only marginal connection to reality :-)

[@TheDog_Chef]

Thank you Mark.

[@tomasznojmiler7667]

Thank you very much for this video!

[@oscarmora4602]

Informative

[@Delgwah]

Well thought out.

[@marcellovalente7339]

Hi, I read about the heavy rains in central Europe, hope everything is ok

[@fredfred2363]

Imagine a system that hardly uses credit. No credit cards or mortgages. That's how Russia works from my dealings with them. It's one of the reasons why everyone always relies on cash. Mountains of corrupt cash...

[@EconLessons]

Yes image that the cash they use is not worth anything of substance. That is Russia.

[@knopkaplay0507]

Only if you use the term "cash" figuratively. I don't remember the last time I used cash in Russia - it's virtually cashless.

[@BogdanTestsSoftware]

Why are their planes still operating? Weren't Boeing, Airbus even Ilyushin IL-76 supposed to run out of service items /& pieces? Are Russians supposed to route (read smuggle) aircraft pieces via Kazakhstan, Uzbekistan? Can't they be 2ndary sanctioned?

[@TheFrewah]

They do but they have huge problems. One of their own jets crashed spectalularly after having been serviced. And putin signed some decree rhat means they can’t scrap some really old planes and now they have to fly them somehow. They do make breaks and similar for their stolen planes.

[@luminyam6145]

Thank you.

[@Surfer-727]

Yanis Varoufakis the recent former finance minister of Greece explained in 1 of his videos a couple months ago or so that the BRCS+ money circles right back around to the United States anyways. He said U.S. tech is to strong and controlling for the BRCS+. He also said if the U.S. economy defaulted on it's debt many years from now that all the countries in the world would have checks that bounce and they would need U.S. dollars very badly driving the U.S. dollar way up. Looking very much forward to your BRCS+ video Mark !

[@Smithsj82]

Great explanation.

[@WimWorldWide]

Good analysis!

[@tolyko9159]

You've got an error in your code, last line shoud be "Russia NULL"

[@EconLessons]

Great comment yes null.

[@geoffgill5334]

Been wondering about the harvest in Russia. Been hearing about drought hurting crops in Russia. Kursk was the Russian breadbasket, no harvest there. Sounds like a long lean cold winter in Russia

[@knopkaplay0507]

There was drought, also some floods in the spring. Some pretty bad frost in late spring as well... Not a great year overall. I'm sure Poland will help, the European breadbasket and wonderful people they are.

[@AlanSari2714]

Good on you

[@CS-lz1nz]

I agree with highlighting that 'average income' or whatever, in Russia absolutely skewed. Russia is a country where the median vs. the average is wayyyyy off; in most countries, the median and average are fairly close (healthy). So the disposal income of the 'average' Ruski is much much much lower than just the state average... since ... they have no middle class. Just upper upper class, and all the garbage underneath. For anyone reading, if the average of some numbers is '5'... those numbers can either be 4,5,6 or 0,0,15. In Russia, it's like 0,0,15. There is statistically nobody in the average. You're either just dirt shit poor, or just a really rich Kremlinite.

[@wbwarren57]

Peter Zeihan is a modern day "Chicken Little". By combining important sounding factoids with sweeping generalizations, he creates a catastrophic prediction that will appeal to people who are easily frightened or who have an agenda that the prediction will help. Once Peter creates his latest vision of a catastrophic future, he flogs it all over the internet as long as it attracts a crowd. When it becomes clear that the future vision won't come true or when people just get tired of hearing it over and over with no supporting facts, he starts the process all over. The key to Peter's career is his insight that the vast majority of people will never remember any of his past predictions, will never ask why they didn't come true, and will never ask seriously why anyone should listen to him again.

[@peterhumphrys]

Odd why bring up Zeihan's antics for generating KZbin traffic ? As for remembering his predictions I can reread them in his books And yes thank you he was correct about Russia starting to invade to secure its borders before population collapse makes this next to impossible That was from his 2018 book I think which wzs about 4 years in advance But if we had paid much attention in Chechnya and Georgie this should have been obvious to us also in hindsight !

[@wbwarren57]

@@peterhumphrys Good point. Occasionally Peter "Chicken Little" is right. I bring him up here for three reasons: 1. I commented on this channel about Peter earlier. 2. I just figured out who Peter (mostly) is - Chicken Little. See his repeated claims about the CCP collapsing in months, weeks, days, minutes, etc. 3. Peter annoys the hell out of me.

[@andrewplowman1002]

Thanks for your perspective

[@A._is_for]

You came to mind lately because of this quote: “...And that proves gold is only valuable because we agree it is, right? It’s just a dream. But a potato is always worth a potato, anywhere. Add a knob of butter and a pinch of salt and you’ve got a meal, anywhere. Bury gold in the ground and you’ll be worrying about thieves forever. Bury a potato and in due season you could be looking at a dividend of a thousand percent.” Was rereading "Making money" by STP (gnu)

[@Play_fare]

Gold won’t satisfy a hungry belly.

[@A._is_for]

@@Play_fare that's the spirit of the book

[@CheeseLovingGuy]

Another good video

[@cymeriandesigns]

I enjoyed hearing your thoughts. I instinctively feel the same as you do about Russia's current state and vincibility if that's a word, but it's good to hear a cogent argument backed by evidence for it. My gut feeling for how Russia will lose will be like the phrase from The Sun Also Rises: "Gradually then suddenly".

[@Infopirates]

Oh, we're so poor and desperate in Russia😅😅😅 Where is my bottle of Rioja? 😅

[@knopkaplay0507]

You misspelled Jr🎉enovuja...Still, let's keep it a secret - otherwise some long-haired monetary economists will gang up to sanction us into oblivion.

[@desertblbuesman]

The light makes it look like snow there.

[@EconLessons]

Not yet but soon, I used a low shutter speed which increases light, to get motion blur for background people to be blurred out.

[@diegoyanesholtz212]

You should talk about the natural recourse curse, and how it affects the Russian economy? Russia only exports natural recourse and that is not good.

[@Borsuk3344]

One look at that castle and I knew it's Poland. I have never been to that place, I don't even know what city this is, but everything about the background screams Poland :)

[@paulv22]

Thanks for all the videos. They're very educational. However, why refer to the war as "Russia's geopolitical event", as opposed to the unprovoked aggression it is?

[@Stabu]

Mark, what's your opinion on this problem: A company says they'll transport goods to e.g. Kazakhstan and in reality they just transport it directly to Russia? I remember reading of some companies from Finland transporting freight to Kazakhstan by train through Russia, and finding out much much later that the goods were unloaded in Moscow and the Russian affiliate in Kazakhstan just claimed later having received the goods. I suspect similar things happening with flight and truck transport. I just don't know how widespread the problem is. Of course the sanctions do work, the question is just if they impede Russia by 5%, 15%, 50% or 95% of a given sanctioned good.

[@EconLessons]

Can not estimate the % but I know the effect that income is down and prices are up. Good point.

[@philjameson292]

The oil price is also going to be soft for the next year which is also going to affect Russias current account

[@Hiram8866]

Russia has the third highest rates in the world. It is not a good sign, which will inevitably cause Russia to its knees.

[@tomnps1671]

Is that a rule of thumb, food shortage is distribution not crop failure? PS: I'm harvesting today!

[@EconLessons]

Can be both but with large countries like Russia Moscow might get the food but the rural areas in winter might not.

[@michaelmackey754]

The bird and the bicycle want to be in you recording you should let them…lol

[@ybvb]

As a dev I approve this thumbnail.

[@EconLessons]

I wanted to put it in all code but this got the point across.

[@ybvb]

@@EconLessons to tell you the truth, I have tried yet no one cares to understand 😅 but it is there, even if we don't do it, it is there.

[@TheRealSwidi]

Looking forward to your video about B R I C S

[@johnreid6067]

MARK : please do not take this disrespecfully but you are like the Swiss army knife of economics mate ...

[@noname-ll2vk]

I think of brics as the Stellantis of global trade organizations.

[@rogerbelanger295]

Thanks!

[@EconLessons]

Thank you sincerely Roger.

[@armandomercado2248]

Spending all available resources on things that go boom hurts Russia too. That money is out of the economy with little to show for it.

[@EconLessons]

Yes capital is being redirected to non productive sectors.

[@b.questor]

Kazakhstan is generally considered the richest country in Central Asia. I will want to take a closer look.

[@johnfallon6906]

IT IS SO SAD THAT ARROGANCE IS UBIQUITOUS & IGNORANCE IS UBIQUITOUS 🎯🙏🔱🔱🔱🔱🔱🔱🔱🔱🙏🎯

[@cymeriandesigns]

I'm intrigued by the young woman at 3:20 who felt she had to shield her face from appearing on camera then turned around and looked right at it as she was walking out of frame. I conclude she didn't realize how wide the shot was, but why was she hiding her face in the first place? Strange.

[@EconLessons]

Yes I saw that, I use low shutter so it blurs faces. She was curious.

[@b.questor]

Mr. Invincible will find himself sitting on a powder keg with an ever-shorter fuse.

[@volkerr.]

Unfortunately we can’t bring down Russia by talking. That’s the point. Unfortunately. 😮😢

[@fredyyfredfreddy]

Oh they will film now and show in december.

[@tradward]

Just take notice of how many more fresh new bank notes get put into circulation.

[@rursus8354]

Yes of course. I cannot remember which person (perhaps Perun?), but last I listened about the economy of Russia the high GDP was not due to increased productivity, but a very expensive change of production and a change of trade partners, and Russia is emptying its bank reserves, or they are already empty.

[@EconLessons]

They do not have high GDP but you are correct about the change of production.

[@badjuju2721]

What always makes me laugh about the people who choose to simp for Russia. Is that they constantly boast about how strong Russia is, and yet Russia is 2 years into an invasion of the poorest country in Europe, which only had a funtional goverment for 8 years before the invasion, and has only taken territories that were withdrawn from during the inital invasion, or were occupied in 2014. The actual "gains" they've made since the withdrawl of the Kyiv region are absolutely mimiscule compared to both casualties and time.

[@b.questor]

I imagine Mark on a book with his latest bestseller, "Adam Smith For The 21st Century"

[@MrJohntheHarp]

Cheers Mark, good job :)

[@catladynj]

Greeting from new jersey usa.😊😊😊😊😊😊😊😊

[@EconLessons]

Thank you NJ.

[@MarkRider]

What i find interesting about the Russian economy is what actions is it going to take when the economic implosion happens? Presently nobody is interested in being paid in Rubles. When the big crash happens even Russians will not be accepting Rubles. Apart from Euro, Pounds, Dollars etc will the new Russian currency be? Grandmother's jewelry? Thank you for the update.

[@dogcrapper]

toilets

[@peterselo7707]

I remember an absurd statement of Douglas McGregor last year that Russia's economy was doing better than ours despite sanctions.

[@smde1]

McGregor and Ritter are tools of Russian propaganda.

[@WimWorldWide]

Inflation is caused by the Russian Central Bank printing rubles.

[@peterbeer8657]

He could be at the Brama Floriańska, Kraków, Poland.

[@EconLessons]

Love it Peter thanks, beautiful Krakow.