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Editor's note: This is an excerpt from Hedgeye morning research. To learn more about how you can become a subscriber to America's fastest growing independent research firm click here.

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The Russian Ruble is down -6% since Friday. It’s plunged -40% year-to-date. This is the biggest crash in currency land since 1998.

For the record, global macro market #Intereconnectedness mattered then, and it does now.

The Biggest Currency Crisis Since 1998  - 12.01.14 Chart

As Hedgeye analyst Matt Hedrick observed earlier today:

Russia remains a major area of global risk exposure...Energy still accounts for 20-25% of Russia's GDP, and energy prices have fallen ~30% in the last two months. Multiplying those two weightings would imply that Russia's economy is at risk of suffering a decline of 6-7.5%. 

Meanwhile... Russian stocks? They are down another -3.4% today to over -32% year-to-date.

#NoWorries right? Right?