Going Up, But Not Going Down

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AP reports that the Russian navy does not have the funds this year to buy underwater rescue vessels of the type Britain sent to Russia to save the lives of seven men trapped in a mini-sub in the Pacific last month:

“We do not have the money at the moment,” but the navy expected to obtain the money next year, Adm. Vladimir Masorin was quoted as saying by the RIA-Novosti news agency.

Russian naval authorities said after the crisis that they would buy two Scorpio underwater robotic vehicles. Each vessel costs between $1 million and $5 million, depending on the configuration.

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About Edward Hugh

Edward 'the bonobo is a Catalan economist of British extraction. After being born, brought-up and educated in the United Kingdom, Edward subsequently settled in Barcelona where he has now lived for over 15 years. As a consequence Edward considers himself to be "Catalan by adoption". He has also to some extent been "adopted by Catalonia", since throughout the current economic crisis he has been a constant voice on TV, radio and in the press arguing in favor of the need for some kind of internal devaluation if Spain wants to stay inside the Euro. By inclination he is a macro economist, but his obsession with trying to understand the economic impact of demographic changes has often taken him far from home, off and away from the more tranquil and placid pastures of the dismal science, into the bracken and thicket of demography, anthropology, biology, sociology and systems theory. All of which has lead him to ask himself whether Thomas Wolfe was not in fact right when he asserted that the fact of the matter is "you can never go home again".