David Frum

@davidfrum ↗

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Last Checked March 4, 2022

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Mon Feb 28 04:02:17 +0000 2022

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David Frum @davidfrum

@ericowensdc Sane response: Make the best peace deal you can, as fast as you can. Likely response: Make the ruble non-convertible, expropriate all private holdings of foreign currency, replace foreign trade with bilateral barter, and pledge gold to China for Chinese-made imports. — PolitiTweet.org

Posted Feb. 28, 2022

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David Frum @davidfrum

Doubtful that the ruble will be convertible into anything at all much longer. It's on its way to effective worthlessness, as the Soviet ruble was effectively worthless: an accounting unit within a closed economy, but unable to buy goods or services on international markets — PolitiTweet.org

Posted Feb. 28, 2022

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David Frum @davidfrum

@ericowensdc I don't know what Russia has by way of western loans, but if it defaults on them, western central banks can repay western creditors out of Russia's own frozen foreign currency reserves. — PolitiTweet.org

Posted Feb. 28, 2022