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https://www.youtube.com/watch?v=UkRGxbRRy9A

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Uploaded by Daniela Caranton on 2015-06-02.

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Russia rouble crisis: the worst fall since 1998

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The rouble has hit new record lows against the dollar and euro, and even a massive interest rate hike by the Russian central bank has so far failed to stabilize the currency. The ruble opened stronger on Tuesday but quickly lost its gains, pushing its losses against the dollar this year to over 50 percent of its value.

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hillary rodham clinton (primary candidate)

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Экономический кризис в России (1998) - The Russian financial crisis (also called "Ruble crisis" or the "Russian Flu") hit Russia on 17 August 1998. Few days later the Clintons showed up for a state visit. They could not help Brois Jelzin. The crisis resulted in the Russian government devaluing the ruble and defaulting on its debt.

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On 17 August 1998, the Russian government devalued the ruble, defaulted on domestic debt, and declared a moratorium on payment to foreign creditors. On that day the Russian government and the Central Bank of Russia issued a "Joint Statement" announcing, in essence. the ruble/dollar trading band would expand from 5.3–7.1 RUR/USD to 6.0–9.5 RUR/USD; Russia's ruble-denominated debt would be restructured in a manner to be announced at a later date; and, to prevent mass Russian bank default, a temporary 90-day moratorium would be imposed on the payment of some bank obligations, including certain debts and forward currency contracts. On 17 August 1998 the government declared that certain state securities (GKOs and OFZs) would be transformed into new securities. At the same time, in addition to widening the currency band, authorities also announced that they intended to allow the RUR/USD rate to move more freely within the wider ban.

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The Russian financial crisis (also called Ruble crisis or the Russian Flu) hit Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt

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For IB Economics By Caro Bev and Judith Nav.

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The crisis had significant macroeconomic-level effects, including sharp reductions in values of currencies, stock markets, and other asset prices of several Asian countries. The nominal U.S. dollar GDP of ASEAN fell by $9.2 billion in 1997 and $218.2 billion (31.7%) in 1998. In South Korea, the $170.9 billion fall in 1998 was equal to 33.1% of the 1997 GDP. Many businesses collapsed, and as a consequence, millions of people fell below the poverty line in 1997–1998. Indonesia, South Korea and Thailand were the countries most affected by the crisis.

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The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.

The crisis started in Thailand (well known in Thailand as the  with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its fixed exchange rate, cutting its peg to the U.S. dollar, after exhaustive efforts to support it in the face of a severe financial over-extension that was in part real estate driven. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. As the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt

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Become a member of NIA for free at http://inflation.us

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Counting the Cost - Lessons for Europe from Japan's 'lost decade'

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Subscribe to our channel http://bit.ly/AJSubscribe On this episode of Counting the Cost, we head east to take a look at some of Asia's new economic miracles and to ask what lessons they can offer to Europe as it struggles with its financial crisis. At Al Jazeera English, we focus on people and events that affect people's lives.

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The current crisis could be quite long, under a similar crisis lasted 12 years in Japan.

US analysts and discarded fast recovery, V-shaped, and are inclined to an evolution of the

crisis in the form of U or L, which, in the best case, there would be open collapse but a very

low growth, almost depressive. Japan's experience suggests that fiscal and monetary stimuli

may well be insufficient if the banking crisis is not resolved, that is, that expansionary demand

policies are necessary, but not sufficient, for recovery.

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What happened to the e Japanese Economy enter one phase of depression near stagnation in the 90s ? 

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What happened to the e Japanese Economy enter one phase of depression near stagnation in the 90s ? 

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In 1990 and 1991 broke the stock market and real estate bubble that had been created in the 80s,

as a result of financial deregulation (as in the current crisis) and a very expansionary monetary policy.

The reasons for the outbreak were unsustainably high prices and rising interest rates from mid-1989 to

tackle inflationary pressures. In 1990, the Nikkei index fell 50% in just nine months. Land prices began to

fall in 1991 and halved in nine years.

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The policy responses focused on fiscal and monetary policy very expansionary.

Between 1992 and 1999 nine programs were launched fiscal stimulus worth

130 trillion yen (25% of annual GDP), which made ​​the budget balance pass from + 2.9% of GDP

in 1990 to -6.8% in 2000. The public debt increased from 65% of GDP in 1990 to 151% in 2002.

As for monetary policy, went down interest rates to practically zero in 1999, as it maintained until

2000 and repeated again between 2001 and 2003. Since 2001, he has also pursued a policy of

quantitative easing ( quantitative easing ). Despite these measures, banks remained reluctant to prestar.

En sum, expansionary demand policies were ineffective to combat stagnation and deflation, but probably

prevented a sharper downturn. As the banking crisis of 1997,

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The long economic stagnation in Japan for most of the 90s and beginning of the century, C an offer useful information on the anticipated duration of the global financial crisis or the most appropriate way to fight it.

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Black Monday Revisited: Three Traders Relive The 1987 Stock Market Crash 25 Years Later

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On Monday October 19, 1987 stock markets worldwide crashed, beginning in Hong Kong, then spreading to Europe, and finally hitting the United States. Wall Street suffered its greatest loss ever in a single day on what is referred to as Black Monday, as the Dow Jones Industrial Average (DJIA) plummeted 508 points, while the S&P 500 dropped 20 percent and the Nasdaq lost 11 percent.

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Black Monday - Part 1 - Nightly Business Report Oct.19, 1987

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First 10 minutes of the Nightly Business Report episode from Black Monday, October 19, 1987. The Dow Jones Average dropped by more than 22% that day to close at 1,738 with volume double the previous record (set the preceding Friday).

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By the end of October, stock markets in Hong Kong had fallen 45.5%, Australia 41.8%, Spain 31%, the United Kingdom 26.45%, the United States 22.68%, and Canada 22.5%. New Zealand's market was hit especially hard, falling about 60% from its 1987 peak, and taking several years to recover.

The Black Monday decline was (and remains to this day) the largest one-day percentage decline in the Dow Jones index. (Saturday, December 12, 1914, is sometimes erroneously cited as the largest one-day percentage decline of the DJIA. In reality, the ostensible decline of 24.39% was created retroactively by a redefinition of the DJIA in 1916.

Following the stock market crash, a group of 33 eminent economists from various nations metin Washington D.C.

in December 1987, and collectively predicted that “the next few years could be the most troubled since the 1930s”.However, the DJIA was positive for the 1987 calendar year. It opened on December 31, 1987 at 1,897 points and closed on January 2, 1987 at 1,939 points. The DJIA did not regain its August 25, 1987 closing high of 2,722 points until almost two years later.

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In finance, Black Monday refers to Monday, October 19, 1987, when stock markets around the world crashed,

shedding a huge value in a very short time. The crash began in Hong Kong and spread west to Europe,

hitting the United States after other markets had already declined by a significant margin.

The Dow Jones Industrial Average (DJIA) dropped by 508 points to 1738.74 (22.61%).

In Australia and New Zealandthe 1987 crash is also referred  to as Black Tuesday because of the timezone difference.

The termsBlack Monday and Black Tuesday are also applied to October 28 and 29, 1929, which occurred after Black Thursday on October 24, which started Market Crash of 1929

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Before the embargo, the industrialized West, especially the United States, used to have abundant and cheap oil.

The very widespread, with large urban centers scattered family houses, American cities after the Second World War depended on the automobile as a primary mode of transportation, so that fuel used in bulk. Between 1945 and the late 70s, the West and Japan consumed more oil than ever.

In the US alone, consumption had doubled between 1945 and 1974. 6% of the world population, USA consuming 33% of energy worldwide. At the same time,the US economy maintained a quarter of global industrial production, which means that American workers were four times more productive than the global average, but in return the country five times more energy consumed.

Oil, especially from the Middle East, was paid in US dollars, with prices set in dollars also. During the administration of President Richard Nixon, the American economic model was exhausted, growth was zero, yet inflation was beginning to be worrisome.

During the summer of 1971, Nixon was under strong public pressure to act adamantly against this budget carefully. To cause a fall in gold prices in international markets, Nixon abandoned the gold standard on August 15, 1971, ending the Bretton Woods system, which had operated since the end of World War II.

The dollar was devalued by 8% in relation to gold in December 1971, and was again devalued in 1973.

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The 1973 oil crisis (also known as the first oil crisis) began on August 23, 1973, following the decision of the Organization of Arab Petroleum Exporting Countries (which brought together the Arab members of OPEC plus Egypt , Syria and Tunisia) with members of Persian Gulf OPEC (which included Iran) not to export more oil to countries that supported Israel during the Yom Kippur War (named after the Jewish Yom Kippur commemorative date), which faced Israel with Syria and Egypt. This measure included the United States and its allies in Western Europe.

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almost 100 year old film clip of president Theodore Roosevelt and some of his famous Rough Riders. No audio, but authentic video. Visit http://LookListenLearn.org

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hen President Andrew Jackson allowed the letter of guarantee of the Second Bank of the United States expired in 1836,

the United States did not have any central bank and the money supply in New York fluctuated according to the country's

annual agricultural cycle. Each fall, the money out of the city when crops were purchased and-in an effort to attract money-again

interest rates were increased. Then, foreign investors sent their money to New York to seize the high tasas.1 In January 1906,

the Dow Jones Industrial Average reached a peak of 103 and began a modest correction. The US economy had been particularly

unstable since April 1906 earthquake that devastated San Francisco, causing a greater flow of money from New York to San Francisco

to help reconstrucción.2 Another decrease in the money supply occurred late 1906, when the Bank of England increased interest rates

and the expected funds remained London.3 Since its peak in January, stock prices declined by 18% in July 1906.

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The panic of 1907, also known as the Panic of 1907 bankers, was a financial crisis that occurred in the

United States when the New York Stock Exchange fell nearly 51% from its peak last year. The panic occurred

during a time of recession, when there were several runs on banks and trust companies. The 1907 panic spread

throughout the country when many national and local banks and businesses went bankrupt. The root causes

of panic included a retraction of liquidity in the market by various banks in New York, a loss of confidence among

depositors, exacerbated by the lack of regulation and the absence of a lender of last resort.