Posted on 09/20/2008 9:53:30 AM PDT by TigerLikesRooster
Financial crisis to boost prices on food 30 percent up
18.09.2008 Source: Pravda.Ru URL:
http://english.pravda.ru/russia/economics/106392-financial_crisis-0
The current financial crisis will strike a significant blow on Russia, the former vice prime minister of the Russian government, Boris Nemtsov said in an interview with Novy Region news agency. The prices on basic foodstuffs may rise 30 percent, whereas small banks will go bankrupt, and many Russians will thus have to forget about consumer loans.
September has become a black month for Russia, Nemtsov said. The politician advised all Russians should purchase foreign currency, particularly US dollars, to rescue their savings. The crisis may bring only one piece of good news for the country: the prices on residential real estate may drop, he added.
“The current events and the default of 1998 have only one thing in common – they both are financial crises. The current crisis has a completely different nature. In 1998 Russia suffered from a crisis of the budgetary system, whereas the current events will mostly affect the corporate sector – banks, state-run companies and corporations, such as Gazprom, Rosneft and others,” Nemtsov believes.
(Excerpt) Read more at english.pravda.ru ...
Ping!
Such a shame.
So, Putin suck it up. Screw Russia.
Pravda? Isn’t that the company that owns the New York Times?
The Great Unwind, read more here:
http://www.usnews.com/articles/business/economy/2008/09/19/a-new-direction-on-wall-street.html
Is it time to invest in apples and two-wheel carts?
“Pravda? Isn’t that the company that owns the New York Times?”
Now that’s funny.
A 30% increase in food prices will seem downright refreshing compared to what is coming to our country.
This latest bailout will average about $7,000 per person in your family (not the $3,500 that some in the MSM are quoting).
The government is not going to raise the taxes on a family of four by $28,000, so they will instead turn to the Treasury to print money - and lots of it.
The resulting inflation will spiral up through the economy and hit people like a ton of bricks. This country's real inflation rate this year was running at 12% - 15% before this latest mess. What do you think it will now look like?
Tell me I’m I the only one that sees posts like this and thinks its the U.S.?
Let them eat their oil!
I used to be very sympathetic with these nasty idiots. Over Beslan Kosovo Chechnya and such. No more. Screw ‘em
I have met many good Russian and have enjoyed there company dearly, but for the most part “nasty idiots” is one of the best descriptions of the beast.
Yup...me too.
We had our hands full with Islam and China. Now we have to add Putin’s Russia. I’m sure 90% of Russians are proud and beaming over Putin’s invasion of Georgia and his energy power plays against Europe and former East Bloc satellites
Now these nasties lay claim to Arctic oil. Will they threaten Canada with nukes? Canada claims it too
Also there may be more oil there than in sand land.
I’ve been watching food prices for the past few years. Prices haved jumped this year by over 30 %. Last year was about 23%.
Let them eat borscht. ;)
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