Russia’s central bank has raised the basic interest rate to 13 percent to prevent Russians from lending money in order to lower their purchasing power to combat inflation.
Imagine what this does to a society when people cannot afford to buy a home or renovate an existing one, get a car loan, and companies cannot expand, farmers cannot build a new barn, and so on.
In the long run this will of course affect employment, innovation, tax revenue, everything.
It is downhill from here.