The Kremlin in Moscow has a firm, studied official response to the stunning crash of the ruble to levels not seen since the crash of 1998, to a paltry 85 rubles to the U.S. dollar. Slammed by falling oil prices, the ruble is now the worst-performing currency in the world.
As an example, here is Bloomberg's chart of how the US dollar is reaching new heights against the Russian ruble:
It's so bad that Twitter wags -- and even RT, widely seen as an organ of the Kremlin -- mocked it in a series of pictures and GIFs.
The collapse of #Russia's ruble in one photo: @Reuters pic.twitter.com/uKy8oKlZEi— Christopher Miller (@ChristopherJM) January 21, 2016
BREAKING: Ruble sets new low against US dollar https://t.co/VBrDEi08eK pic.twitter.com/j4LwzwM953— RT (@RT_com) January 20, 2016
#Ruble's dramatic plunge continues https://t.co/fbAD8SOFgF pic.twitter.com/Je3WhRafzI— RT (@RT_com) January 21, 2016
KREMLIN SAYS CURRENT RUSSIAN RUBLE WEAKENING ISN'T CRASH pic.twitter.com/7F96gdMYFO— Russian Market (@russian_market) January 21, 2016
It's obvious to everyone, in other words. Now let us paraphrase the Kremlin's authoritative response: "La la la, we can't hear you, la la la."
The official response to the alarming drop:
"I would not use the world 'collapse' -- the rate is changing indeed, the rate is volatile but it is a far cry from collapse," Vladimir Putin's spokesman, Dmitry Peskov, reportedly said in a statement Thursday morning.
Peskov deferred to the Russian Central Bank -- which made no statement, perhaps because its members are busy gathering for an emergency meeting about the non-collapse.
BREAKING NEWS: Russia's Central Bank call emergency meeting as ruble plunges for second day running, breaking 1998 lows.— Breaking News Feed (@pzf) January 21, 2016
The stock market, at least, is reacting as if it is a crash.
Russian Stock Market so far pic.twitter.com/3jTlWXpTmF— Russian Market (@russian_market) January 21, 2016
The governor of Russia's central bank, Elvira Nabiullina, seems similarly unconcerned. She skipped a trip to the World Economic Forum at Davos to stay home and handle the problems -- but has been adamant that the bank doesn't intend to act unless there are "risks to financial stability."
She called the drop "a return to fundamental levels" -- which translates as "where the ruble is supposed to be against the dollar."