Speculations
At a time when advanced countries had adopted the gold standard, Russia was still relying on paper money technically redeemable in silver, but that had been a fiction since the Crimean War, with its heavy costs. Without the backing of silver, the ruble fluctuated below its face value, and the fluctuationswere enhanced by speculation.
Sergei Witte and the twilight of imperial Russia : a biography by Harcave, Sidney
Could you please explain the prcoess behind this-1. What does it mean in practical terms " ruble fluctuated below face valye 2. What would be examples of speculations in questions. Thanks a lot.
Top answer
Vladv What does it mean in practical terms " ruble fluctuated below face valye That doesn't make sense to me. Money can't be below its own face value. Vladv What would be examples of speculations in questions.
- Vladv What does it mean in practical terms " ruble fluctuated below face valye That doesn't make sense to me.
- Money can't be below its own face value.
- Vladv What would be examples of speculations in questions.
- He means currency speculation, which is basically buying and selling currency as if it were a commodity.
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VladvWhat does it mean in practical terms " ruble fluctuated below face valye
That doesn't make sense to me. Money can't be below its own face value.
VladvWhat would be examples of speculations in questions.
He means currency speculation, which is basically buying and selling currency as if it were a commodity.
0VladvRussia was still relying on paper money technically redeemable in silver, but that had been a fiction since the Crimean War
It means that if a person had a Russian paper note denominated at 100 grams of silver, they could not get 100 grams of the metal (e.g. a silver coin of 100 gms.) in exchange for it. The buyer did not trust the government to be abl
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