for decades, the USSR sold weapons to deadbeats taking various financial instruments for payment. the deadbeats included syria and iraq. they may had some money but the soviets accepted financial instruments
the sales produced jobs for the workers that were required to meet production quotas set by the planners. The weapons company purchasing agents bought materials from other soviet companies using money received from banks. the funding was not really a loan because the banks got the financial instruments from the customers
By 1990 , the banks had tons of the foreign payment guarantee instruments but still no money. the system unraveled
In that time, American companies were allowed to visit on trade missions. the russians wanted everything, especially computers and fax machines. selling was easy, make an offer at reasonable price. the problem was getting paid. the money men of say the Hermitage Library had no money with which to pay the American company. so, they dug around in the safe and came up with the Iraqi payment instruments. as Payment for the computers, the russians offered the paper obligating the Iraqi government to pay in Iraqi currency on a date now past.
it was pathetic...... and true
“for decades, the USSR sold weapons to deadbeats taking various financial instruments for payment.”
Sounds very similar to this...
China sells their wares to deadbeat US taking dollars in payments. These dollars are used to buy US debt instruments (treasuries).
“the sales produced jobs for the workers that were required to meet production quotas set by the planners.”
No change here.