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Domestic News - Economic Crisis
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Collapse of largest Stoklomolvi diamond mine launches country into crisis
Diamond-backed Stoklomolvi currency wavering as diamond supply vanishes
[float=right][/float]The largest diamond mine in Stoklomolvi, located in the Siberian region in northern Stoklomolvi, collapsed three days ago after a shaft support collapsed due to an unknown cause. Working in the affected region of the mine at the time included over two thousand miners, one thousand of whom have been marked as missing and the remainder marked as wounded. Authorities are currently looking into the matter, and it is hoped that the miners will be found as soon as possible. It is likely that the mine was sabotaged; three espionage agents were captured within a day of each other a month prior, and each one was armed with a high explosive charge that they were apparently going to place in the mine. The information was extracted after several hours of psychological torture before the suspects were executed. The saboteurs were of, unsurprisingly, Siberian origin, as it is well-known that the Siberian Natives would take whatever steps necessary to topple the Stoklomolvi state.
Catastrophe looms over the horizon
As the national currency of Stoklomolvi, the stoklomov, is diamond-backed, the destruction of the largest source of diamonds would cause massive economic instability should the national stockpile of diamonds run out. While the seven million tonne reserve is not likely to exhaust itself any time soon, the possibility remains, and a new source of diamonds must be found as soon as possible lest some unfortunate circumstance suddenly drain the diamond reserve and plunge Stoklomolvi into a new definition of economic depression. The Stoklomolvi government has balanced several options.
One, wear it out, and simply rely on the current stock of diamonds until a new diamond mine can be constructed. This is the riskiest strategy, as there is no safety net for Stoklomolvi to fall back on and the reserve of diamonds may exhaust itself at any time. Few have supported this option at its conception in the National People's Congress.
Two, find a new source, and build new smaller diamond mines to supplement the current tiny diamond income until a larger, more stable source can be found. This idea has gained vociferous support.
Three, switch to the gold standard. This idea has virtually no support.
Following a poll conducted by the SCNA of the Stoklomolvi people, almost ninety five percent [95%] voted in favour of finding a new source. Currently, the options available are to invade a small country or colonise a diamond-rich area. Neither is too appealing to the rather moderate government, but to the jingoistic population many have advocated an invasion of Xin Han for its treacherous secession during one of the early civil wars in Stoklomolvi history. The government has found the diamond sources in Xin Han to be dubious at best.
Worst possible crisis in the history of modern Stoklomolvi
Even after the Third Stoklo-Kagetorian War, the economy of Stoklomolvi was still growing and industrialising, whereas now the rate of growth is beginning to slow and may eventually diminish to zero. It is currently uncertain as to what degree the economic crisis resulting from the diamond shortage would entail. Experts have stated that the shortage "may cause massive inflation if not checked, and thus demolish the Stoklomolvi industrial sector and by extension the entire country." Sensationalism surrounding the issue has been discouraged by the government, with the official line being that "Panic will only exacerbate the situation and will help nobody."
So far, the Stoklomolvi government has artificially begun to steady the exchange rate of the stoklomov by modifying the number of banknotes existing in circulation. As this can only last for so long, a new source is needed desperately, and the people have begun staging rallies in support of "an invasion to protect the welfare of over five billion people." Jingoism runs rampant amongst the population.
More on this issue as the information updates.
Copyright 2015 Stoklomolvi Central News Agency. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
URL: http://www.scna.gov.scf/articles/273015894/
© 2015 Stoklomolvi Central News Agency