Part 2/7:
Bernard begins by establishing that current economic indicators reveal the Ruble is in a pronounced stage of decline. He notes a "stage four" decline in technical analyses and a high degree of volatility within the currency market. This is significant because when monetary equilibrium is disrupted, it causes ripples across all markets—an essential assertion he underscores.
He explains that money forms the second half of every transaction; thus, imbalances in the money market can lead to disequilibrium in all other sectors. The cascading effects of a weakening currency can inhibit the functioning of the entire economy. As such, the Ruble's performance is not merely a financial concern but reflects deeper issues within the Russian economy.