nATIONALISM DOESN'T WORK:

A blow like this to a country's currency sits somewhere on the line between economic and psychological warfare.

It threatens to vaporize much of the ruble-based savings sitting in Russia's banks.

It will send rates of inflation -- already high in Russia -- sharply higher.

It drives people to withdraw their cash en masse and quickly try to convert it to more stable currencies, such as the dollar, the euro, gold or even crypto currencies. (Runs on ATMs were already starting to happen in Russia over the weekend.)

It sends interest rates skyward, as global investors pull back in horror at the idea of lending to banks or countries that use a currency that could become worthless.

High interest rates slam the brakes on the economy, throwing people out of work just as prices soar, a miserable combination of conditions known as stagflation.

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