During the recent IMF-World Bank annual meetings in Bangkok, the G-7 nations publicly feigned consensus on providing emergency financial aid to the former USSR to help avoid a foreigndebt payments crisis.
Once domestic bond investors regain consciousness and they will most likely do so in concert with foreign holders of US debt and currency a debt and dollar crisis will emerge.
Indeed, the fact that Russia has continued to grow at all while its major foreign trading partner, the European Union, has been wracked by a crippling debtcrisis is a surprise on the upside.