Russian banks went down en masse, the spread of foreign currencies was larger than the official numbers, and people were queuing outside the banks to withdraw money.
Of course, the Russian narrative is that this will hurt the west more than it will hurt Russia...
Huh? In what world?
> the Russian narrative
Dont say such things after saying stuff like you just did above. You people live in such a delusional false reality propagated by your establishment that its worse than 2003. Ukraine is 'winning' despite losing, Russia is sinking despite becoming the 4th largest economy and having major increase in real wages, US economy is 'doing fine' even as the number and size of the sunken US banks eclipse 2008.
Sixth [1] to 11th [2], on track to being eclipsed by Indonesia and Mexico.
> having major increase in real wages
Real wages are up, yes, but real disposable income is flat [3].
This isn’t uncommon in a war footing [4]. Labour and necessities are diverted to the front, raising prices for both. That squeezes disposable income, which moderates price growth in luxuries. The effect, if you’re measuring with a pre-war basket of goods, is rising real earnings and falling disposable income.
[1] https://en.m.wikipedia.org/wiki/List_of_countries_by_GDP_(PP... PPP
[2] https://en.m.wikipedia.org/wiki/List_of_countries_by_GDP_(no...
[3] https://www.reuters.com/markets/europe/putin-grows-war-econo...