Denmark has laid claim to the North Pole based upon an extension of the continental shelf from Greenland, which is administered by Denmark. Denmark will submit its claim to the UN which will adjudicate the matter. Both Canada and Russia have made similar claims. All five countries that abut the Arctic Circle has expressed keen interests in developing what are believed to be significant petroleum reserves in the region. The obsession with territoriality continues in world politics.
At 1 am on Monday, the Russian Central Bank raised its interest rates from 10% to 17%. The move was an attempt to prevent the further decline in the value of the Russian ruble, which has lost more than half its value in recent days. I suspect that the effort will be in vain. Even high interest rates will not entice investors to send money to a rapidly deteriorating economy. The Russian Economics Ministry is predicting that the Russian economy will contract by 0.8% next year.
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