Ukraine Nearer to Default

Wars are mighty costly. Ukraine has increased the M1 money supply 16.5 percent in the last year. It cannot repay its external debt denominated in euros and dollars. The government is in hock. Interest rates have soared to 17.5% for the short rate.

The revolution birthed by Nuland and the U.S. has produced a baby locked in debt chains. The only way out is to default if the people of Ukraine are not to remain serfs indefinitely. The revolution may not be at an end. Common people in Ukraine are going to view Maidan with hatred, fury and disgust.

Americans will be asked to foot the bill to keep the project known as Ukrainian democracy afloat. Did Obama and Nuland and company expect this to be the result? I rather doubt it. They thought it would be a political cakewalk, the equivalent of walking into Baghdad in 2003.

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