Special Extra: Rubles and Reserves and Ruin, Oh My!

Market Watch reports that last week Russia’s foreign currency reserves fell to less than $440 billion, down nearly $20 billion for the week.  In just the past four months Russia’s reserves have fallen nearly $150 billion, about one-quarter of their total and an average of almost $40 billion per month. At that rate, Russia’s reserves will be totally exhausted before 2009 is over.