China’s Foreign Minister Wang Yi said over the weekend that China was willing to offer Russia unspecified assistance in the wake of the ruble’s fall and said that Beijing had full confidence in the Kremlin’s ability to solve its problems. The Ruble has hit record lows as Russian President Vladimir Putin faces continuing tension with the US and Europe and as the price of oil, which is critical to Russia’s exports, has plunged. However, Russia wouldn’t be the first country this year to turn to China for financial support. Erin weighs in.
Then, Erin sits down with Steve Hanke, professor of economics at Johns Hopkins University and senior fellow and director of the Troubled Currencies Project at the Cato Institute. Dr. Hanke tells us why he thinks Russia should institute a currency board and gives us his take on what Russia should be doing to stabilize the economy.
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