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[bob ford <bobford79 AT yahoo.com>]

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