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Wednesday December 3, 2014

// December 3rd, 2014 // Comments Off on Wednesday December 3, 2014 // Daily News

Vladimir Putin’s worst nightmare may be happening right now

A plummeting currency, rising inflation and sagging oil prices — that’s the stuff Vladimir Putin’s nightmares are probably made of.
The former KGB operative has staked his reputation for years on Russia’s spectacular economic growth throughout the 2000s, thanks to its dependence on increasingly lucrative energy exports.
As the price of oil, Russia’s most important export, climbed from $16 a barrel in 1999 to more than $140 in 2008, a new middle class enjoyed the fruits of prosperity, eagerly burying the memories of the impoverished 1990s.
But as the Kremlin now lords over Ukraine and stares down the West, Putin’s nationalist gambit is finally being felt on the home front, threatening the central notion that’s helped keep him in power so long.
“The myth of ‘stability’ has now been broken,” says Anders Aslund, a senior fellow at the Peterson Institute for International Economics.
Russian rubles on display in front of a portrait of Russian President Vladimir Putin.
Ulrich Baungarten | Getty Images
Russian rubles on display in front of a portrait of Russian President Vladimir Putin.
While Putin’s grip on power is still far from tenuous, the steady stream of gloomy economic news is probably causing at least some concern in the Kremlin.
The effects of Western sanctions and steady drop in global oil prices to a five-year low of below $70 this week are costing Russia some $140 billion annually, according to the government’s own estimates.
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Russian officials on Tuesday warned the country faces a recession in 2015 that could see the economy shrink for the first time in five years.
They believe it will contract by 0.8 percent next year, down from a previous estimate of 1.2 percent growth.
Ordinary Russians have watched as their currency lost nearly 40 percent of its value since the beginning of the year. They can also expect double-digit inflation by early next year, officials predict.
Taken together, these stats are why Putin has long stopped trumpeting his country’s economic statistics in order to boost popular support, says Alexander Baunov, an editor of one of Russia’s only remaining independent news outlets.

Today’s Inspiration

An Inheritance of Peace

by Joyce Meyer – posted December 03, 2014

Peace I leave with you; My [own] peace I now give and bequeath to you. Not as the world gives do I give to you. Do not let your hearts be troubled, neither let them be afraid.
—John 14:27

The word bequeath in this verse is a term used in the execution of wills. In preparation for death, people usually bequeath their possessions, especially those things of value, as a blessing to those they love who are left behind.

Jesus knew He was about to pass from this world and He wanted to leave us something. He could have left any number of good things, like His power and His name, and He did. But He also left us His peace.

You don’t leave junk for people you love—you leave them the best you have. Jesus had a special kind of peace that surpassed anything mankind had ever known. He knew it was one of the most precious things He could give. Ask for and receive your inheritance tonight!

Tuesday December 2, 2014

// December 2nd, 2014 // Comments Off on Tuesday December 2, 2014 // Daily News

As ruble tumbles, what will Putin do next?

Against the backdrop of a falling currency, the threat of capital controls and a four-year low in the price of oil, analysts are wondering what Russia’s “superhero” President Vladimir Putin will do next.
The Russian ruble suffered its worst one-day decline since 1998 on Monday, falling four percent to trade at over 53 rubles against the dollar as oil prices tumbled to multi-year lows.
On Tuesday, the ruble had weakened around 3 percent against the greenback to trade at 52.89 but year-to-date, the currency has fallen around 35 percent against the dollar on the back of a sharp decline in the price of oil – Russia’s main export and revenue source.
Adding insult to injury, the Russian economy ministry now believes that the country will enter recession next year, predicting that gross domestic product (GDP) will shrink 0.8 percent in 2015, revising an earlier forecast of 1.2 percent growth. The Central bank had previously forecast zero growth in 2014.
“The combination of lower oil price and weaker ruble obviously put pressure on the Russian leadership, but the consequences may be less dramatic and direct than expected,” Marcus Svedberg, chief economist at East Capital, told CNBC Tuesday.
“The economy, although close to a standstill and with poor prospects for growth next year, is not necessarily fragile. Reserves are ample, debt is relatively limited, and unemployment is historically low and there is no sense of panic or stress in Russia.
With growth forecasts revised downwards by the Russian central bank, Putin – who revels in histough guy image — is now presiding over a period of marked economic decline. But remarkably, his popularity remains high. According to November data from the independent polling agency the Levada Center, Putin has an 85 percent approval rating, although this had fallen three percentage points from October.
Pressures on the Russian people remain high though. Inflation in Russia stands around 8 percent and looks set to increase with the economy ministry eyeing 9 percent before the year is out. The Russian central bank has hiked interest rates throughout the year and the key rate stands at 9.5 percent – a moot point for the president who wants to see economic growth in order to maintain credibility and the public’s trust.
“We could see various warning headlines on Russian’s economy that are most likely to occur if superhero Putin will not implement changes radically. The situation in Russia is serious,” PetraKuraliova, trader at TradeNext said in a morning note.
Time is not on Russia’s side. Investor confidence in Russia has been sorely tested by European sanctions imposed on the country for its alleged incursions into Ukraine, and the resultant capital outflows have also hit the country hard. On Tuesday, the Russian economy ministry forecast net capital outflows at $125 billion in 2014.
Tensions between the European Union and Russia took another turn for the worse on Monday when Putin announced the termination of the South Stream gas pipeline plan designed to bring Russian gas into Europe via Bulgaria. Putin cited EU objections to the plan and named Turkey as Russia’s preferred partner for an alternative pipeline, Reuters reported.

Today’s Inspiration

Wait for God’s Justice

by Joyce Meyer – posted December 02, 2014

Knowing [with all certainty] that it is from the Lord [and not from men] that you will receive the inheritance which is your [real] reward. [The One Whom] you are actually serving [is] the Lord Christ (the Messiah).
—Colossians 3:24

God has brought a great reward in my life in recompense for the abuse that I suf-fered in my earlier days. Now I have a wonderful life. God blesses me. He does things for me. He opens doors of opportunity for me. He makes me happy. He gives me joy.

When you really trust God, He will bring justice into your life. In Isaiah 61:7 the Lord says, “For your former shame I will give you a double reward” (par¬aphrased). If someone has mistreated you, rejected you, abused you, or abandoned you, hold on to that promise. You have many blessings ahead of you. Trust God with your future, and enjoy your day as you wait for God’s justice.