The Russian Central Bank's "counterattack" lasted 30 mins!

Click banner for more info

The result of the Russian Central Bank's hike in interest rates turned out to be worse then my worst nightmares: it reversed the downward spiral of the Ruble for only about half an hour, then the Russian currency resumed its collapse.  Rumor has it that the Central Bank might begin buying Rubles next, which I personally don't see as useful at this point.

I have asked for expert opinions and I hope to get them soon.  In the meantime, here is my own take on this which, caveat emptor, is backed by ZERO personal expertise in these matters.  Still, for whatever it's worth, my own speculations:

Photos: Central Bank Lagos office set ablaze

Click banner for more info

 The Lagos office of the Central Bank of Nigeria is blazing as we speak. The fire started at about 5.40pm this evening. Fire service men have arrived at the scene to put it out. More details later...