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This morning, the Russian ruble was down another -1% against a US Dollar that is also falling. Since August (see chart) Putin’s currency has lost -18% of its value. Importantly, now he is proactively the one making a concentrated effort to devalue it!

This morning’s Russian “devaluation” was the 3rd this week, and alongside oil prices looking to lock in their bottom, Putin looks to be trying to perpetuate and expedite that process.

Devaluation of any currency leads to inflation. That’s not KGB mandate; that’s just math.

Do not miss the 1H09’ “Re-flation” trade. From the USA to Asia to Russia, governments are going “all in” to ensure it has a shot. After all, that’s the only way out of a deflationary spiral.