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News Link • Currencies

Forbidden to Mention Foreign Currency in Ukraine Now

• The Daily Bell

Dominant Social Theme: Any nation has to protect its currency and should do so.

Free-Market Analysis: Ukraine is struggling with its economy and currency and, as we have seen with other countries, the solution is to pass laws that control money and prop it up.

Spain and Mexico have passed laws restricting cash. There are various forms of control on many currencies, though many are not stated outright. Here (see article excerpt above) we have an example of a fairly aggressive attempt at currency manipulation.

Not only is the government going to insist that price information be provided only in the national currency; those behind the law intend that such moves will reportedly provide a "legal basis for limiting the use of foreign currency in Ukraine," according to the article in It's Ukraine.

It is in a sense understandable. As the Financial Times reported recently, "Ukraine, with its economy sliding into recession and budget deficit widening, has appealed to the International Monetary Fund to initiate negotiations on a fresh, multibillion-dollar bailout loan programme."

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