Monday, September 14, 2009
Bank Rossii cut the refinancing rate to 10.5% from 10.75% (note, double digit) and lowered the repurchase rate charged on central bank loans to 9.5% from 9.75%, effective September 15. Russia's benchmark refinancing rate is the second highest in Europe, after Serbia's and Iceland's who pay 12%.
Russian output shrank a record 10.9% last quarter after a decline in global trade undermined demand for Russia's commodity-reliant exports of raw materials from steel to oil....Consumer prices rose an annual 11.6% in August.
If we continue on the Democrats' desire for centralized control, we will have far more to worry about than just the debt we're leaving our kids and grandkids.