Do Not Buy the Ruble: Dennis Gartman

The transcript discusses the potential economic crisis in Russia, highlighting expert opinions on the matter. It covers the challenges faced by Russian banks and the policy responses being considered. The role of China in potentially stabilizing Russia's economy through credit and liquidity is explored. The transcript concludes with the impact on business dealings in Russia and the slow movement of capital.

What does former Finance Minister Alexei Katrina believe about Russia's economic future?

• Russia will become a global economic leader.

• Russia will maintain its current economic status.

• Russia is still headed to a currency and economic crisis.

• Russia is headed for economic prosperity.

What legislative change was recently made in Russia regarding banks?

• Banks can now issue their own currency.

• The Federal Deposit Insurance agency can take a stake in banks before bankruptcy.

• Banks are required to increase their capital reserves.

• Banks can now operate without government oversight.

What is one of the main challenges facing Russia's economy?

• High levels of foreign investment.

• Lack of skilled labor force.

• Dependency on energy and issues with the ruble.

• Over-reliance on technology exports.

How might China assist Russia in stabilizing its economy?

• By extending massive swap credit and financing.

• By sending financial advisors to Russia.

• By reducing its own interest rates.

• By increasing its imports from Russia.

What is one of China's strategic goals in its economic relationship with Russia?

• To make the renminbi a reserve currency.

• To increase its dependency on Russian energy.

• To reduce its trade with Russia.

• To establish a joint military base.