Oil-Producing Countries' Currencies Are Getting Crushed -- Zero Hedge
While most people's attention has been focused on the demise of the Russian Ruble this year, since the June highs in Crude Oil, the oil-producing nations of the world have seen their currencies devalue rapidly. From Brazil to Nigeria and Algeria, the impact of lower oil revenues is starting to create a vicious circle for many of these nations... and having consequences for the very Petrodollar flows that the US relies upon...
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My Comment: As predicted .... Is The World On The Brink Of An Oil Price War? Unfortunately .... the blow-back will be higher interest rates, and a crisis for government budgets when faced with higher interest costs. As for oil exporting countries that are dependent on higher oil prices .... Iran, Venezuela, Libya, Russia, etc. .... hard times ahead.
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