Your humble blogger is trying to dig herself out from under a pile of overdue estate administrativa, hence my temporary absence. But guurst sent along this sighting about Poland’s spending plans, which look destined to drive Poland into even more severe inflation and a currency crisis. It looks like Ukraine will not be the only country that breaks itself in attempting to break Russia.

So forgive me for taking the easy way out and simply hoisting one-time NC writer Philip Pilkington’s informative tweetstorm.

2/ The plan is to increase defence spending by 2.6% of GDP. With $17bn of new contracts with the US and South Korea, they’ve already hit 2.5% of GDP. ALL of that money flows abroad! pic.twitter.com/eQ5HyVHWqz

— Philip Pilkington (@philippilk) November 25, 2022

4/ Now add on the 2.5% of GDP being spent on weapons and we get to a 6.5% of GDP current account

Keep reading this article on Naked Capitalism (Yves Smith) - Blog.

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