Posted: 9/29/2011 5:09:24 PM EDT
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http://www.zerohedge.com/news/add-ukraine-list-countries-verge-technical-default
. . . the latest entrant to the technical default club: Ukraine, which will shortly join its former USSR satellite Belarus in the hyperinflation club. The fact is that the Ukraine is slowly imploding - the government had stopped Treasury payments for all budget expenses in an attempt to accumulate the cash needed to make a coupon payment on debt and which apparently investors are unwilling to roll. In all fairness, the news update indicates that the country just barely made the 5.3 billion hryvnia payment, but that may be it for now.
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Quoted:
So who has the money? If all these countries have nothing...where is it? Wealth isn't a zero sum situation. It can be created and it can be destroyed. Where is the wealth? Largely destroyed through corruption, through socialist/entitlement programs, through foolish investments, etc. Look at what the US Government is doing and you'll see the same thing: national wealth being destroyed through corruption, waste, entitlement programs, etc. |