L-I: John Lloyd article on Russian collapse
CharlesB at SPAMCNCL.ci.detroit.mi.us
Wed Aug 18 12:10:03 MDT 1999
>>> Louis Proyect <lnp3 at panix.com> 08/18/99 09:20AM >>>
Lloyd estimates that over the last seven years, up to 1/2 trillion dollars
in capital has disappeared from the former Soviet Union at the hands of
"byizhnesmen." The west loaned strategically placed managers cash in
exchange for shares in shaky "privatization" auctions, but the cash grew
wings and flew off.
Isn't it entirely possible that one of the key elements
of the American bull market for the past 7 years is exactly this cash
infusion from a country which we in effect ran from the Kremlin?
Charles: I have been putting forth the proposition in this last sentence (question)
for a while now. Capitalism swallowed European socialism, and the U.S. avoided a
cyclical downturn based on the extra surplus value it absorbed in the process. There
were reports of stealing huge amounts of Russian gold reserves.
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