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Ukraine, to use a technical term, is broke. That's what you call a country whose currency has lost half its value in just two days.
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The problem is simple: Ukraine has no money and barely any economy.
It's already talking to the IMF about a $15 billion bailout and what's euphemistically being called a debt "restructuring"—i.e., default—as its reserves have dwindled down to $6.42 billion, only enough to cover five weeks of imports. (Three months worth is considered the absolute least you can get by with).[...]
So it was more than a bit belated for Ukraine to stop spending the few dollars it does have on propping up its currency, the hryvnia.
It took until Thursday for it to do that, though, and, when it did, the reaction was swift and it was violent. The hyrvnia fell from 16.8 to 24.4 per dollar, and then again to 25.3 on Friday, on the news that the government wouldn't intervene it in anymore.
- In all, it was a 50 percent decline in 48 hours.
- And this was despite the fact that its central bank simultaneously jacked up interest rates from 14 to 19.5 percent to try to get people to hold their money in hyrvinia that would pay them a lot instead of dollars that wouldn't.
That, as you can see, didn't exactly work.
Now let's back up a minute. Why is Ukraine so doomed? Well, it's been mismanaged on a world-historical scale by oligarchs who, for decades, have skimmed billions off the country's nonexistent growth. That last part's not hyperbole. It seems almost impossible, but Ukraine's economy has actually shrunk since communism ended in 1991.
Or since 1992. Or even 1993. And now its not-so-cold war with Russia is destroying the little that's left. It's not just that the rebel strongholds in the factory-heavy east have deprived Ukraine of a quarter of its industrial capacity.
It's that it can't afford to fight against what's still it's biggest trading partner—Russia. Think about that.
You don't usually trade a lot with the country you're going to battle against, but Ukraine's economy is so dependent on Russia's that it still trades more with it than any other country.
That means anything that hurts Russia, like lower oil prices or sanctions, just redounds onto Ukraine, and puts it in an even bigger financial hole. [...]
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http://www.washingtonpost.com/blogs/wonkblog/wp/2015/02/06/ukraines-currency-has-fallen-50-percent-in-two-days/
http://www.blacklistednews.com/Ukraine%E2%80%99s_currency_just_collapsed_50_percent_in_two_days/41605/0/38/38/Y/M.html
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Ukraine Currency Plunges Over 30% After Central Bank Gives Up On Indicative Rate http://www.zerohedge.com/news/2015-02-05/ukraine-currency-plunges-over-30-after-central-bank-gives-indicative-rate …
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Ukraine's Hryvnia Freefall 2015: IMF-backs decision to move towards free-floating currency
(Publicerades den 6 feb. 2015 - UKRAINE TODAY)
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- Ukrainian hryvnia in free fall after Central Bank scraps currency support
***RT 2015-02-05
The hryvnia lost 34 percent against the US dollar after the head of the central bank signaled it can no longer support the currency with regular interventions and will allow greater fluctuations. The hyrvnia hit a historic low of 24.5 per 1 USD.
“Get used to market volatility," National Bank of Ukraine (NBU) Governor Valery Gontareva told reporters in Kiev on Thursday.[...]
http://rt.com/business/229607-ukraine-hryvnia-free-fall/
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Fritt fall 2014
Ukrainian hryvnia in free-fall as military situation in east worsens
Publicerades den 12 nov. 2014 - euronews Business
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Where has all Ukraine's gold gone?
***RT 2014-11-12
Ukraine’s Central Bank chief has divulged some shocking intel: its gold stockpile has reached a new nadir - almost zero.
Since the beginning of the year, gold reserves have dropped nearly 16-fold, which begs the question, where did all of it go?
"Official statistics of the National Bank show that the amount of gold in the vaults drastically fell, and it is unclear where it went. At the beginning of this month, the volume of gold was about $1 billion, or 8 percent of the total gold reserves,” the head of Ukraine’s National Bank, Valeria Gontareva, said in an interview with Ukraine’s Kharkiv TV.
As of November 1, the latest available data, foreign currency reserves stood at $12.6 billion, which puts Ukraine’s national gold stockpile at just $123.6 million, ZeroHedge reported.
However, this figure contradicts the $988.7 million, which is the level gold should stand at, if the ratio of gold to total reserves was 8 percent.
In February, before then-President Vicktor Yanukovich was toppled, gold reserves stood at about 21 tons, according to then chairman of the National Bank of Ukraine Sergey Arbuzov.
- One theory is that Ukraine decided to shift its gold reserves to the US shortly after the presidential coup when Prime Minister Arseniy Yatsenyuk held a meeting with President Obama.
At the end of February, gold stood at $1.8 billion, or about 12 percent of reserves. The Central Bank reported that reserves stood at $1.6 billion in both July and August, and $1.7 billion in September.
[...]
Läs mer:
http://rt.com/business/207347-ukraine-gold-reserves-gone/
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Tillbakablick angående Ukrainas guld:
Ukraine Admits Its Gold Is Gone: "There Is Almost No Gold Left In The Central Bank Vault"
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Publicerades den 19 nov. 2014
http://www.undergroundworldnews.com
Back in March, at a time when the IMF reported that Ukraine's official gold holdings as of the end of February, so just as the State Department-facilitated coup against former president Victor Yanukovich was concluding, amounted to 42.3 tonnes or 8% of reserves...
http://www.zerohedge.com/news/2014-11...
Back in March, at a time when the IMF reported that Ukraine's official gold holdings as of the end of February, so just as the State Department-facilitated coup against former president Victor Yanukovich was concluding, amounted to 42.3 tonnes or 8% of reserves...
http://www.zerohedge.com/news/2014-11...
Fools Gold: Ukraine Central Bank Conned Into Swapping Its Gold for Lead Bricks!
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Publicerades den 23 dec. 2014
http://www.undergroundworldnews.com
That in itself would have been sufficient to explain why just a few short days later, the Netherlands shocked the world when it announced it had secretly repatriated 122 tonnes of gold from the NY Fed, and had the story of Ukraine's missing gold ended there (or even with the criminal probe launched by Ukraine whether the central bank head had abused her power and misused her office when she "intentionally committed an extremely unfavorable transaction for the gold and forex reserves of Ukraine"), it still would have been one of the most bizarre, surreal stories of 2014.
Luckily, the story just got far better, and far, far more bizarre and surreal.
As Bloomberg reports, Ukraine opened a criminal probe after several gold bars at the central bank’s storage in the southern city of Odessa turned to be painted lead.
"The management of the central bank’s branch in Odessa asked us to investigate fraud by their employee," Volodymyr Shablienko, head of the Odessa police’s press office, said by phone today. "We are conducting a forensic audit now."
As Bloomberg explains, the latest gold fraud involved a central bank employee passing lead bars covered with golden paint to the storage unit, registering them as gold, the Vesti newspaper reported today, citing an unidentified person with knowledge of the matter in Odessa’s police department.
According to additional information from RT, the central bank was actually conned into buying the gold-plated lead.
Yes lead, not even tungsten.
http://www.zerohedge.com/news/2014-12...
That in itself would have been sufficient to explain why just a few short days later, the Netherlands shocked the world when it announced it had secretly repatriated 122 tonnes of gold from the NY Fed, and had the story of Ukraine's missing gold ended there (or even with the criminal probe launched by Ukraine whether the central bank head had abused her power and misused her office when she "intentionally committed an extremely unfavorable transaction for the gold and forex reserves of Ukraine"), it still would have been one of the most bizarre, surreal stories of 2014.
Luckily, the story just got far better, and far, far more bizarre and surreal.
As Bloomberg reports, Ukraine opened a criminal probe after several gold bars at the central bank’s storage in the southern city of Odessa turned to be painted lead.
"The management of the central bank’s branch in Odessa asked us to investigate fraud by their employee," Volodymyr Shablienko, head of the Odessa police’s press office, said by phone today. "We are conducting a forensic audit now."
As Bloomberg explains, the latest gold fraud involved a central bank employee passing lead bars covered with golden paint to the storage unit, registering them as gold, the Vesti newspaper reported today, citing an unidentified person with knowledge of the matter in Odessa’s police department.
According to additional information from RT, the central bank was actually conned into buying the gold-plated lead.
Yes lead, not even tungsten.
http://www.zerohedge.com/news/2014-12...
What Happened to Ukraine's Gold?
Why bankers want control of Ukraine, part 2 and how bankers are fooling Ukrainians into enslaving themselves for future generations.
We discuss the bailout of EU banks disguised as a "bailout" of Ukranian people, the close alliances between Rothschild banking organizations like the IMF and the new neo-Nazi regime, and the disappearance of Ukraine's 42.3 tonnes of gold.
Articles referenced in the above video below:
Putin's media Q&A session about the Ukrainian crisis:
http://www.informationclearinghouse.i...
Who's who in Ukraine's new neo-Nazi, fascist government
http://www.globalresearch.ca/whos-who...
US to provide Ukraine with $1-b loan guarantees
http://www.chinadaily.com.cn/world/20...
in which the ORIGINAL $1B IMF loan QUICKLY MORPHED INTO $15B debt enslavement of Ukranians
EU to provide Ukraine with $15B aid package
http://www.foxnews.com/world/2014/03/...
Oddly enough the Western media reported the EU to lend Ukraine $15B though it is undeniably the IMF's desire to loan Ukraine $15B which exposes the fact that the EU is controlled by Western bankers
IMF mission in Ukraine to discuss $15b loan
http://edition.presstv.ir/detail.fa/2...
Was The Price Of Ukraine's "Liberation" The Handover Of Its Gold To The Fed?
http://www.globalresearch.ca/was-the-...
Ukraine PM: Yanukovych clan stole $70bn
http://euobserver.com/tickers/123302
Articles referenced in the above video below:
Putin's media Q&A session about the Ukrainian crisis:
http://www.informationclearinghouse.i...
Who's who in Ukraine's new neo-Nazi, fascist government
http://www.globalresearch.ca/whos-who...
US to provide Ukraine with $1-b loan guarantees
http://www.chinadaily.com.cn/world/20...
in which the ORIGINAL $1B IMF loan QUICKLY MORPHED INTO $15B debt enslavement of Ukranians
EU to provide Ukraine with $15B aid package
http://www.foxnews.com/world/2014/03/...
Oddly enough the Western media reported the EU to lend Ukraine $15B though it is undeniably the IMF's desire to loan Ukraine $15B which exposes the fact that the EU is controlled by Western bankers
IMF mission in Ukraine to discuss $15b loan
http://edition.presstv.ir/detail.fa/2...
Was The Price Of Ukraine's "Liberation" The Handover Of Its Gold To The Fed?
http://www.globalresearch.ca/was-the-...
Ukraine PM: Yanukovych clan stole $70bn
http://euobserver.com/tickers/123302
Tom Petty - Free Fallin' och Keiser Report om den ryska rubeln
Tom Petty - Free Fallin'. - Live musikvideo med en hit från slutet av 80-talet. Kanske en lämplig låt just nu, med tanke på den ryska Rubelns äventyr? Keiser Reports Max Keiser med gäster pratar om rubler och sanktioner...
http://undermattans.blogspot.se/2014/12/tom-petty-free-fallin-och-keiser-report.html
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Ukrainas valuta i fritt fall på nytt - 50% kollaps på 2 dagar - Centralbankens GULD försvunnet
'Journalism is printing what someone else does NOT want printed: - Everything else is public relations.'
-The Latest Heist: US Quietly Snatches the Ukraine’s Gold Reserves-
SvaraRadera21st Century Wire - March 21, 2014
As the dust settles in Kiev, another money trail has been revealed…
According to reports out of Kiev (see links below), the US has quietly transfers 33 tons of Ukrainian gold out of the country and back to vaults in the US. Presumably, this sovereign wealth transfer would be counted as partial “collateral” for a fresh round of IMF, US FED, and ECB paper debt that is currently being organised for dumping into the Ukraine’s economic black hole.
Multiple inquiries to US Federal Reserve administrators into the location of the Ukraine’s gold have been met with the proverbial ‘pass the buck’, making tracking and tracking the final resting place of these 33 tonnes very difficult indeed – but one can expect that the NY Fed is probably the institution who has masterminded this financial heist.[...]
http://21stcenturywire.com/2014/03/21/the-latest-heist-us-quietly-snatches-the-ukraines-gold-reserves/
Soros: Ukraina nära statssammanbrott
SvaraRaderaRR 2015-02-07
Ukraina befinner sig på randen till statssammanbrott på grund av bristande stöd från EU.
Det finns en stor möjlighet för EU att förlora Ukraina, om man inte reagerar prompt, sade multimiljardären George Soros på säkerhetskonferensen i München.
Dessutom vägrade finansmannen avdela en miljard dollar för Ukraina ur egen ficka (som tidigare planerat) och uppmanade EU att hjälpa till.
http://swedish.ruvr.ru/news/2015_02_07/Soros-Ukraina-nara-statssammanbrott-8545/
Ecuador becomes the first country to roll out its own digital cash
SvaraRaderaFebruary 7, 2015
Source: CNBC/BLN
In 2000, Ecuador moved to ditch its stumbling currency for the U.S. dollar. Now more than 15 years later, the South American country is revamping its monetary system again—using digital currencies.
Ecuador’s Sistema de Dinero Electrónico (electronic money system) kicked off in December by allowing qualifying users to set up accounts, and it will begin acting as a real means of transaction this month.
Once the government flips the switch, the South American nation of 16 million will host the first-ever state-run electronic payment system. (Other countries, such as Sweden, use digital currencies widely, but they’re not state-sponsored.) But the Ecuadorean government says the scheme is designed to support its dollar-based monetary system, not replace it.
“Electronic money is designed to operate and support the monetary scheme of dollarization,” economist Diego Martinez, a delegate of the President of the Republic to the Board of Regulation and Monetary and Financial Policy, wrote to CNBC in a comment provided by a central bank spokesman.
Martinez said that Ecuador law expressly states that economic transactions are conducted in U.S. dollars.
Electronic money will not only help the poor, he added, but will act as a cost-saving mechanism for the government: Ecuador spends more than $3 million every year to exchange deteriorating old notes for new dollars, Martinez said. There would presumably be less wear and tear on the currency if much of it was stored at the central bank while citizens relied on mobile payments.
Read More...
http://www.blacklistednews.com/Ecuador_becomes_the_first_country_to_roll_out_its_own_digital_cash/41614/0/38/38/Y/CNBC
http://www.blacklistednews.com/Ecuador_becomes_the_first_country_to_roll_out_its_own_digital_cash/41614/0/38/38/Y/M.html
http://www.anna-news.info/sites/default/files/2011/u2256/[hzr.jpg
SvaraRaderaNär det gäller eu och valuta har eu makt inte bara med ewron utan även reglementsenligt.
SvaraRaderaVi svenskar ligger illa till då det gäller eu anpassning inte bara med valutan utan också med regelverket.
Vi saknar en CE märkning vilket innebär att våra pengar går in i europa som skatt och inte till Sverige.
Det innebär att europa vinner mark då det gäller regler och får mera inflytande vilket inte är en nackdel.
Europeiska myndigheter har rätt att slå till i Sverige och det är Europol som har handhavande agerande i deras ärenden.
Våra polismyndigheter är omyndiga i förhållande till Europol som agerar i alla eu länder.
Står polis och rättsväsen i vägen använder Europol våld i agerande då dom har europakomitionen i ryggen.
Roligt att se en byfånesnut mota undan en europa polis med lillpistolen mot automatvapen.
Mera Europol !