The Strong Leader of the Republican Party
Vladimir, what should I do now?
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#Monetary Sovereignty – Mitchell
Economics, Money and Debt
The Strong Leader of the Republican Party
Vladimir, what should I do now?
#Monetary Sovereignty - Mitchell 
When you invest in a T-bill, T-note, or T-bond, you deposit your dollars into your T-security account.
A good size chunk of Czar Vladimir the Short’s various slush funds is dollar deposits into T-security accounts at our Federal Reserve. Example: http://www.cbr.ru/Collection/Collection/File/39685/2022-01_res_en.pdf [Bank of Russia foreign exchange holdings of $585 billion as of six weeks ago]
The National Wealth Fund had $197.75 billion in November 2021. https://web.archive.org/web/20210801203914/https://minfin.gov.ru/en/key/nationalwealthfund/management/
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Someone told a monetarily sovereign Ukraine that they need to sell “war bonds” internally to pay their army: https://www.bbc.com/news/business-60566776 Has that lounge lizard Larry Summers struck again?
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The key question: Is Ukraine’s debt denominated in Ukrainian Hryvnia or in some other currency. If it’s in Ukrainian Hryvnia they easily can create enough money to pay all existing debts. They might have difficulty using Ukrainian Hryvnia for new purchases, however, since no one will trust it.
If their debt is denominated in U.S. dollars, British pounds, or some other foreign currency, they’ll need to find a way to obtain that currency.
In any event, selling Ukrainian Hryvnia bonds will accomplish nothing other than to provide them with more Ukrainian Hryvni, of which they already have an infinite supply.
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Cut-and-paste from CNBC: Ukraine’s government issued war bonds on Tuesday and said it has raise about 8.14 billion Ukrainian hryvnia ($270 million).
The country’s finance ministry said in a tweet the bonds will have a yield of 11% with a tenure of one year.
“The proceeds from the bonds will be used to meet the needs of the Armed Forces of Ukraine and to ensure the uninterrupted provision of the state’s financial needs under the war,” the ministry tweeted a day earlier. Its website is currently down.
The nominal value per bond is 1,000 hryvnia ($33).
https://fortune.com/2022/03/02/ukraine-selling-war-bonds-russia-invasion/ The country’s Ministry of Finance sold some $270 million worth of war bonds on Tuesday, in local Ukrainian currency, to “ensure the uninterrupted provision of the state’s financial needs during the war,” according to a statement.
One or another of brain fog Biden’s economic advisor’s told them they had to do this.
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The Hryvnia is holding up better than the Ruble for sure with people still having faith in it at least for now: https://www.xe.com/currencycharts/?from=USD&to=UAH&view=5Y with only a 10% decline in recent days.
Might live to fight another day like the Afghan Afghani under the Taliban: https://www.xe.com/currencycharts/?from=USD&to=AFN&view=5Y or the curious wonder that is the Somali Shilling: https://www.xe.com/currencycharts/?from=USD&to=SOS&view=5Y
https://jpkoning.blogspot.com/2013/03/orphaned-currency-odd-case-of-somali.html One of your Australian cousin’s groupie followers wrote something last year about Somalia from an MMT perspective. Can’t find it now but surely it was just as abstruse as anything from the pulpit of their lord and savior The Other Mitchell.
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