Russia: $2T GDP, $ XXXB M1, nukes, yet ruble has 40%+ volatiliy in < 30 days. Puts BTC ( <$1B GDP, $5B M1, no nukes) volatility in context
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@polemitis Daily forex market = $5.3 trillion per day; rouble turnover = roughly $85 billion per day.@NickSzabo4@alexberegszaszi
@stacyherbert @polemitis @alexberegszaszi Venezuela double whammy: currency dominated by 1 commodity _and_ bad government.
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@NickSzabo4@stacyherbert@alexberegszaszi the latter is the bigger problem. well managed oil economies are not same type of basket case -
@polemitis@stacyherbert@alexberegszaszi Norway & Saudi Arabia governments saved for a rainy day. Venezuela's greedily spent it all. -
@NickSzabo4@stacyherbert@alexberegszaszi and basically broke all mechanisms of a market economy as well. textbook 'ruin an economy'
End of conversation
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