Ruble is sinking so Russia raise interest rates

[glatt]

Things are looking bleak for Russia's economy.

The latest news is that Russia's central bank raised interest rates from 10.5 to 17 percent at an emergency 1 a.m. meeting in an attempt to stop the ruble, which is down 50 percent on the year against the dollar, from falling any further. It's a desperate move to save Russia's currency that comes at the cost of sacrificing Russia's economy.

So it's interesting and all that their economy is tanking. But what I want to know is if there is any way to get some of that 17% interest action. Certificates of deposit here are earning almost half a percent if you lock in for 5 years. Can I open a savings account in a Russian bank and get 17%? Does anyone insure that money? Would I never see that money again? Even in a great year for the stock market, you would never see 17%. That's so much!