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Shortly after Zoellick spoke, one government of Eastern Europe collapsed. Latvia’s center-right prime minister and cabinet resigned Friday, as the country’s currency plunged and following recent weeks of antigovernment protests. The economies of Estonia and Lithuania are closely linked with Latvia, raising concerns of spillover.
By many accounts, the former Soviet states of Europe now face a crisis as profound as the breakup of the USSR and a financial mess as big as the Asian economic crisis of a decade ago. As The Economist recently noted, “The Asian countries recovered thanks to export-led growth. Now the whole world is in a mess.”
In a move to restore confidence in the Russian economy, President Dmitry Medvedev last week pledged more than $200bn in emergency funds to support banks and companies as the 60% drop in oil prices since August and the rouble's 35% tumble against the dollar push the world's biggest energy supplier into its worst economic crisis since the government defaulted on $40bn of domestic debt in 1998.
Street clashes have broken out in Moscow and other cities and the government is clearly worried about further outbreaks of violence.
Economists are particularly concerned about conditions in the Baltic countries, Eastern Europe and Russia, which still has a formidable nuclear arsenal. In all three areas of the former Soviet empire, deteriorating economic conditions, marked by steep falls in the value of national currencies and gross domestic product, has led to weeks of civil unrest.
Analysts are worried that problems in Eastern Europe and Russia could have a negative impact upon western currencies and banks, which are big lenders and investors in the area.
They point to a sharp fall in the euro last Tuesday. The value of the 17-nation currency plunged after reports that Russian banks were seeking to reschedule as much as $400bn of foreign debts.
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Dangerous times indeed people. The only shining light in all of this is that it's a global problem, and we're the engine that moves that globe from place to place. We'll be the last one to fall, if it comes to that, which means we have an increased ability to print money, although not an infinite one. Where we all end up is something I don't think anyone truly knows. I think the world falling into complete chaos is extremely unlikely, but not unfathomable. Just the same, we could come out of this mess in 2010, and laugh at all the talk of a depression, or the end of times. Who knows. All I know is I need a weapon.
__________________
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
once again... the collapse of industrial nations and the world's monetary system has nothing to do with the war on terror, the war on drugs, the housing bubble, bailouts, stimulus bills, CRA's or Barney Frank... they are all functions of the root cause...
the root cause of all the financial woes of the planet is Peak Oil...
all roads lead to it ... and all roads lead from it...
Dangerous times indeed people. The only shining light in all of this is that it's a global problem, and we're the engine that moves that globe from place to place. We'll be the last one to fall, if it comes to that, which means we have an increased ability to print money, although not an infinite one. Where we all end up is something I don't think anyone truly knows. I think the world falling into complete chaos is extremely unlikely, but not unfathomable. Just the same, we could come out of this mess in 2010, and laugh at all the talk of a depression, or the end of times. Who knows. All I know is I need a weapon.
No kidding.
__________________
GO PATRIOTS!!!!
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Shortly after Zoellick spoke, one government of Eastern Europe collapsed. Latvia’s center-right prime minister and cabinet resigned Friday, as the country’s currency plunged and following recent weeks of antigovernment protests. The economies of Estonia and Lithuania are closely linked with Latvia, raising concerns of spillover.
By many accounts, the former Soviet states of Europe now face a crisis as profound as the breakup of the USSR and a financial mess as big as the Asian economic crisis of a decade ago. As The Economist recently noted, “The Asian countries recovered thanks to export-led growth. Now the whole world is in a mess.”
The current Russian government is cheering this on, if not actively engaged in exacerbating the problem. Some old hard-liners still pine for their halcyon days of the Soviet empire. Putin and company are using oil and natural gas as weapons on Europe, and since oil is at the heart of all commerce, these diks are using it to their full advantage.
But, what goes around comes around. Stay tuned. More at 10:00.
//
__________________
"All that is required for evil to triumph is for good to do nothing."
The current Russian government is cheering this on, if not actively engaged in exacerbating the problem. Some old hard-liners still pine for their halcyon days of the Soviet empire. Putin and company are using oil and natural gas as weapons on Europe, and since oil is at the heart of all commerce, these diks are using it to their full advantage.
But, what goes around comes around. Stay tuned. More at 10:00.
The current Russian government is cheering this on, if not actively engaged in exacerbating the problem. Some old hard-liners still pine for their halcyon days of the Soviet empire. Putin and company are using oil and natural gas as weapons on Europe, and since oil is at the heart of all commerce, these diks are using it to their full advantage.
But, what goes around comes around. Stay tuned. More at 10:00.
//
Hey there, one-star bandit... You're not being very grateful to the country that's heating your home...
Anyhoo, countries all around you are falling apart... Not because Russia is won't keep them afloat, but because it can't.
Time to come home now.
Last edited by PressCoverage; 02-25-2009 at 03:15 PM..
Yo, if I want gloom and doom I can just go to CNN's website. Oh, I forgot, you're one of them.
OK, back to reality now...
//
Yes, that's right. You keep right on ignoring all global indicators. Put your faith in that Korean crazy. Everything should be fine. LOL.
Once again, you turn a relevant thread into a "notice me" platform for your self-absorbed ego, and refuse to discuss any specifics. Just punt, and blame Putin's malevolence, insult the messenger, and flash a few smarmy emotes.
Gawd, do you ever suck at this.
Last edited by PressCoverage; 02-25-2009 at 03:27 PM..
It's starting... Eastern Europe collapsing
Linear Mode
