Posted on 12/23/2008 6:42:08 PM PST by Kaslin
Financial Crisis: Recession has left many of the world's worst-run economies in roughly the same condition as General Motors. Russia is one of them, and the World Bank thinks they're going to need a bailout. Not so fast.
Calculating that high oil prices would last, its leaders never diversified its economy, so oil at $30 a barrel is going to hurt badly.
Russia's state-linked business goliaths have $160 billion in debts. A $200 billion bailout for cars, aluminum, nickel and others will cut into Russia's $600 billion in reserves. But with foreign capital fleeing, the stock market has lost 75% of its value since September, and the government is burning reserves to prop up share prices, too.
As investors head for the door, the country this month experienced its sixth currency devaluation. Despite a controlled media, rioting has broken out over layoffs and slashed benefits. Even Moscow is seeing street demonstrations, a rarity under Vladimir Putin.
(Excerpt) Read more at ibdeditorials.com ...
“growth is forecast at 3% in 2009.”
Maybe they meant -3%
I pray that I see the utter collapse of the Soviet Union and its leader...that filthy former KGB agent.
It couldn’t happen to a nicer guy.
Yes. I put in a pellet burning insert in our fireplace in early October, and I’ve cut way back on the fuel oil bills for the furnace.
It will take a few years to figure out how much money I’m saving, but I like the idea of burning pellets made from sawdust from lumber mills in Quebec rather than oil from Russia, Venezuela, and Saudi Arabia.
Ditto. Gas is as cheap as air now, but I have permanently adjusted my driving style/habits/usage to use the least amount of fuel as I can.
I want these bastard to crumble!
Pull out of Georgia before any talks...
Russia is just another 3rd world oil producing %%%%hole run by an meglomaniacal dictator who calls himself “Prime Minister” (formerly “President”).
Sort of like the US will be come Jan. 20, only without the oil...
Yeah - just look into his eyes - you can see his soul ...
I think I love you. Thank you for your efforts.
You guys too. You are inspiring me!!
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