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(Garry Hull, 15 February 2022 06:54)
The Economist uses a system they call the Big Mac Index to evaluate the true value of a country’s currency and the size of its economy. The Economist obtains the cost of a big Mac in a country then uses that data to do their calculations.
The Economist has found that the true value of the Russian Ruble is 23 to the US$ and not 76 to the US$. According to the Economist the Russian economy is three times larger than reported making it bigger than the German economy, and when taking other hidden assets into account, which all countries use to calculate the size of their economy, Russia is near or on the same footing as Japan.
The problem with high-ranking western officials, and in particular British and American, is they live in 1992 claiming Russia has a one-dimensional economy and hold onto that John McCain mantra that Russia is a gas station masquerading as a country. Not in 2022.
The west does not understand the size of the Russian economy, its sophistication or complexity. Russia is self-sufficient in food, it has energy, raw materials and advanced technology and industries. The French have asked the Russians for assistance with their nuclear power stations as its well known that the Russians lead the world in this technology.
Joseph Borrell, EU Foreign Affairs Minister, recently said that “the Russian economy is sanction proof”.
What would happen to Russia’s economy you ask? Answer is nothing at all.
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