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Tuesday, April 17, 2018

“Naryshkin and Glazyev called for a revolution”

Parliament speaker Sergei held a meeting of the Open tribune “the Russian economy: lessons from the crisis and priorities for development”, which was also attended by presidential Advisor Sergei . Naryshkin reminded that at the time in Europe was “a wave of revolution” against global capitalism, and Glazyev accused of domestic stockbrokers and bankers in the manipulation of the exchange rate, which enhances their “giant power”.

Photo: duma.gov.ru

Considered a single plan to overcome the crisis the Russian authorities was not, and no. Mutually exclusive offers the weight, but most of them can be roughly reduced to two opposing positions.

Sergey Glazyev insists that the real sector received from the Central Bank’s massive cheap loans to 8-10 trillion. the Interest rate must be even lower — up as in the EU, Japan and the US: close to zero (as in America) or even negative, as in other developed countries. Of course, for this we need to uncover we a printing press. That usually leads to hyperinflation. But presidential adviser convinces the opponents that this can be avoided, if hard to trace financial flows, and at the same time dramatically strengthen the foreign exchange control to the Central Bank funds not used in the purposes of speculators.

Its programme Glazyev presents quite a long time and on various discussion sites. But on March 14 the state Duma, he quite unexpectedly made her a direct confrontation with the financial sector, including the MICEX.

“What our economy is growing? We have the current “economic miracle” on the Moscow stock exchange. Export-import falls, and Moscow exchange increased fivefold, the volume of transactions on the Moscow stock exchange — 100 trillion rubles in the quarter. There’s clear signs of manipulation of the ruble”, — scares Advisor to the President. Moreover, Russia has formed a “fifth column” of financiers: “That is, in the economy formed the panel, which is the beneficiary of the policy receives huge money by manipulating the ruble exchange rate. It is strange that nobody cares, although it is possible to show that the government of the Moscow exchange arranged so that representatives of speculative financial structures to manage the Moscow exchange. When the Central Bank withdrew from the market, the exchange turned into a Klondike”, said Glazyev.

Manipulation of ruble exchange rate bring huge profits, money pouring in on the stock exchange, but “leaving the real sector”. In the end, “our big banks triumph, because they are the masters of life, companies unable to repay loans, they are hostages of the banks; the banks today giant power, and they like that kind of power,” concluded the adviser.

However, no specific sanctions against the leadership of the MICEX Glazyev demanded. But the participants bleachers from the business community not frightened: “you Today is accused of all mortal sins, MICEX, and tomorrow there will come people in uniform and will close the last site, where there are benefits to host your event!” Of course, all made a joke, but the residue still remained.

Photo: duma.gov.ru

In contrast to the same throughout the program other Glazyev invited to an Open platform, including the Chapter “RUSNANO” Anatoly Chubais, suggested more, they believe, the real exit from the crisis, namely the reduction of the key rate of the Central Bank from the current 11% to more digestible for the business. Thus, the head of the economic policy Committee of the state Duma Anatoly Aksakov on the Bank of Russia at the next meeting of the Board of Directors on 18 March to reduce the rate by 1%. It will be a good signal to businesses, he said.

Around the key rate of the spear broken long ago. We will remind that on 16 December 2014, it lifted right up to 17%. The Central Bank fear the sudden moves — otherwise you may push inflation. The part of industrial enterprises receive from mega-credits under 9% annual in the framework of project financing. It has allocated 100 billion rubles, economic development Minister Alexei Ulyukayev requires all 240 billion last week brought this discussion even to the level of the President. But no final decision.

Still, “project” exception, all of the return to growth (and on March 14 the state Duma agreed that we need at least 5-6% increase of GDP a year). It is necessary to lower the rate.

And that it may already be reported by Bank of America. The Bank’s analysts warned the market that Russia will happen the fastest in the history of the rate reduction process. If so, then the crisis by the end of 2016 will overcome.

But in the EU, as hinted Sergei Naryshkin, can begin a new and very dangerous threat: “In Europe there is growing public protest against the behind-the-scenes negotiations to advance the so-called transatlantic trade and investment partnership. By the way, involuntarily suggests a comparison of past centuries, when the public was first introduced field to serious criticism of the existing order, including theorists and practitioners struggle with capitalism, but after was a whole wave of revolutions in Europe.”

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