Skip to Content.
Sympa Menu

homestead - [Homestead] Russian take on U.S. economy

homestead AT lists.ibiblio.org

Subject: Homestead mailing list

List archive

Chronological Thread  
  • From: bob ford <bobford79 AT yahoo.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: [Homestead] Russian take on U.S. economy
  • Date: Thu, 25 Sep 2008 02:30:54 -0700 (PDT)

This is a British political analyst writng for a Russian newspaper
 
 
Excerpt : 
(John Laughland for RIA Novosti) - There used to be a habit of framing old
Tsarist bonds and putting them on the wall. Lenin's decision to renege on the
Russian imperial debt meant that it became mere paper, interesting only as a
historical relic. In the light of the recent financial crisis in the USA,
could the same thing happen now to the bonds issued by the American
government, and could the country which has dominated the world for the last
half century now enter history as a bankrupt state?  And what can Russia do
in the circumstances?
The decision by the US government to inject $700 billion into the financial
system means that the already gigantic annual budget deficit of the American
state (previously some $450 billion a year) will now rise by a factor of
three. The total state debt of the USA will rise to well over $11 trillion.
It is obvious that such a colossal debt can never be repaid. Instead, it will
be serviced by more debt in the future. The contrast with Russia, which has
painstakingly sanitised its state finances to the point that it now has more
money to lend than the IMF, could hardly be greater.
....................................


http://en.rian.ru/analysis/20080924/117072937.html






  • [Homestead] Russian take on U.S. economy, bob ford, 09/25/2008

Archive powered by MHonArc 2.6.24.

Top of Page