Communist Tax Lawyer

A news, research and discussion platform for monitoring the evolution of Communist and ex-Communist countries to market economies

 

Archive For August, 2009

Russian Economy Shrinks

August 11th, 2009

Even as the Russia military is flexing its growing muscles, the economy continues to shrink. It what may seem like a return to the heydays of the Soviet Union, the Russian economy contracted in the last quarter as rising unemployment sapped consumer demand, bank lending stalled and the government was slow to respond with support measures.

Bloomberg reported that gross domestic product contracted an annual 10.9 percent in the second quarter, the Federal Statistics Service said in an e- mailed statement today, citing preliminary data. The median estimate in a Bloomberg survey of seven economists was for output to shrink 10.2 percent. GDP expanded 7.5 percent from the previous quarter. The service’s data go as far back as 1995.

50 Years Ago Today: Laos

August 10th, 2009

From the International Herald Tribune:

SAM NEUA, LAOS Six battalions of Communist guerrilla troops have penetrated the borders of Sam Neua Province in northern Laos and hold more than 20 villages, the commander of the northern zone said today [Aug. 10]. “The situation is serious,” said Brig. Gen. Amkha Soukhavong. The Peking radio quoted Ta Quang Bun, Vice-Minister of National Defense, as saying: “If the army of any country dares to interfere in Laos, according to U.S. imperialist schemes, this would constitute not only an aggressive act against the Laotian people, but also an act directly threatening the security of the Viet Nam Democratic Republic.”