Wednesday, March 04, 2009

Why Not to Mess With Markets.

Looks like the exchange rates for Dram have stabilized at 400 AMD per USD. During the past 3-4 months the Central bank wasted about $800 million to keep Dram strong. For a small and poor country like Armenia, this is a major cock-up. This is the Armenian people's money that has been lost.

With such a SNAFU, heads would be rolling if it was done in a normal country. In a banditocracy, heads don't roll. Some select people simply line up their pockets at the expense of the nation.

To make up for the shortfall, now they have to go around hat in hand and borrow money from Russia or the Europeans. Makes my blood boil.

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