Each of your response posts should be between 100-150 words. In your replies, you should consider the following:
Do you agree or disagree? Why/why not?
Add an additional perspective or key player.
Discuss the potential impact of your perspective or key player.
Cite your sources.
The fact that this textbook had a section devoted to Putin, Russia and their economic power is a wonderful thing for the purposes of this assignment. In chapter two, page 42 there is a section titled "Putin’s Russia". Economy and Russia are the two main topics in the news today. In the 2000’s Russia had a strong economy. This strong economy was due to the high prices for gas and oil. "In 2013 oil and gas accounted for 75 percent of all Russian exports" (Hill & Hult, 2014). Fast forward from 2013 to 2022. Russia has waged war on Ukraine and thus many nations have waged economic sanctions on Russia. How has this affected Russia, and their economic outlook? How has these sanctions affected Russia’s, once high, gas and oil exports? Today many countries have stopped seeking gas and oil from Russia. But the nations top producer of gas and oil, the United States, is struggling to keep up with production needs (Mion, 2022) so where countries get their gas and oil from could very likely go back to Russia.
Soon after the imposed sanction’s Russia struggled and the US called for a soon-to-be had victory, economically speaking. But after a few swift moves by Russia’s Central Bank the Russian economy seems to have bounced back (Armstrong, 2022). By "bouncing back" it is shown that the value of Russia’s currency, the ruble, has almost doubled. Such actions and quick moves are very similar to those being taken in the United States. Like Russia, the US is struggling to not fall deeper into a recession bound hole. Any American who has a job and bills to pay knows that the ability to pay bills and buy the basics is getting more and more difficult. Much like Russia, the US banking regulatory agency, Federal Reserve, is announcing a sharp increase in interest rates. The hope is to bring prices for things like food, housing and fuel, back into a more manageable region (Rushe, 2022).
While Russia is looking recession in the eye, it seems so is the United States. Many issues like the war in Ukraine are lending themselves to a possible recession in the US as well (Rushe, 2022) so it seems none of us will come out winning this time around.