Thursday, January 01, 2009

I've been saying this for at least two years now, and it appears closer than I thought. All of those countries (Russia, Venezuela, etc.) who thumbed their noses at the IMF and World Bank when times were gooed (i.e. commodity prices high) will come crawling back in no time begging for aid. Like I said, it appears closer than expected:

After Russia "de-privatized" (the government word for stealing) oil assets, the Minsk-born Denver investment manager says, it reinvested little in new production facilities or maintenance, which has led inevitably to declining production. He expects Russia to need to do an about-face and beg foreign investors, and possibly even the International Monetary Fund, for a bailout.

No comments: