Saturday, December 27, 2014

25th Anniversary of USSR Collapse

Printing money isn't a solution to bankruptcy if no one wants what you print. Eventually, it comes down to being able to produce goods [pdf]:

"On August 22, 1991, the story of the Soviet Union came to an end. A state that does not control its borders or military forces and has no revenue simply cannot exist. The document which effectively concluded the history of the Soviet Union was a letter from the Vneshekonombank in November 1991 to the Soviet leadership, informing them that the Soviet state had not a cent in its coffers."
Maybe two evil empires can disappear in one lifetime...?

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