US President Barack Obama will ask Congress for an additional $33 billion to fight unpopular wars in Afghanistan and Iraq on top of a record $708 billion for the Defense Department next year, The Associated Press has learned.


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The bailing out of the largest US financial institutions was a violation of moral hazard of the greatest magnitude. With that violation well in place, America is now facing violations of other moral hazards.


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Ukraine is facing imminent national bankruptcy—casting Russia in the role of "Abu Dhabi" to Ukraine's "Dubai" in the sense of easing the financial distress of a closely related neighbour.

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