Military Forum for Russian and Global Defence Issues
Austin wrote:Kudrin would have been long out of job if not for Putin intervention , It is he who is keeping him in work so some one needs to ask him why he is there
GunshipDemocracy wrote:
Well Ruble is not a reserve currency, please bear it in mind. In general do not live beyond your means i smart idea. What bugs me is why Russia is so dependent on people with view a la Kudrin (western mythical investors, technologies they will not sell us technologies and we depend on them!!! - like you cannot develop on your own? ) - who are either interested in colonial status quo because of money they make. Or even worse - they´re mentally colonized...
SMERSH in short
AlfaT8 wrote:Austin wrote:Kudrin would have been long out of job if not for Putin intervention , It is he who is keeping him in work so some one needs to ask him why he is there
Considering that it looks like a purge of the 5th column has started, maybe he wants him in the "killzone"?
Austin wrote:AlfaT8 wrote:Austin wrote:Kudrin would have been long out of job if not for Putin intervention , It is he who is keeping him in work so some one needs to ask him why he is there
Considering that it looks like a purge of the 5th column has started, maybe he wants him in the "killzone"?
Putin keeps two type of opposing people in his camp that has been his style ......He doesnt think the monetarist types like Kudrin or Central Bank Chief are Dangerous like many here think or would like to think.
It would be interesting to see what Economic Plan he follows for 2018-2024 period he told every one to come with a proposal to improve the economy , Lets see which of the proposal he accepts that would show what his thinking is on this matter.
kvs wrote:GunshipDemocracy wrote:
Well Ruble is not a reserve currency, please bear it in mind. In general do not live beyond your means i smart idea. What bugs me is why Russia is so dependent on people with view a la Kudrin (western mythical investors, technologies they will not sell us technologies and we depend on them!!! - like you cannot develop on your own? ) - who are either interested in colonial status quo because of money they make. Or even worse - they´re mentally colonized...
SMERSH in short
Russia does not need for the ruble to be a reserve currency to handle deficits in the 5% and even higher range. Deficits are not
money printing so the inflation risk is not there. The only problem is debt accumulation. But Russia is clearly not using deficits
to fake GDP growth like most of the OECD. But propagandists bleat as if Russia is in imminent danger of collapse when Russia runs
very tame deficits for a couple of years while keeping quiet about decades long deficit stimulus of OECD GDP numbers.
Norway and Finland have revived economic and trade contacts with Russian ministers for the first time since the annexation of Crimea in a sign of a thawing in relations.
Three Norwegian ministers met their Russian counterpart for natural resources this week in the first such bilateral meeting in more than two years and agreed to share seismic data in the search for Arctic oil and gas near their common border.
The Finnish-Russian trade commission — co-chaired by the Russian deputy prime minister and the Finnish trade minister — also came together for the first time since 2013 last week. Both Norway and Finland put the contacts on ice following Russia’s annexation of Crimea in the spring of 2014.
The governments of Norway and Finland insisted the re-establishment of contacts did not affect European unity over sanctions on Russia — particularly in energy matters — but some experts disagreed.
“We have a 1,300km common border with Russia so we have many issues that have to be dealt with from time to time. But it’s in our interests that the west stays united over breaches of international law. These two things are not in contradiction,” Kai Mykkänen, Finland’s trade minister, told the Financial Times.
Monica Maeland, Norway’s trade minister, said: “We want good neighbourly relations with Russia, especially in the north, where we have a common border and common interests.”
Both ministries said EU sanctions on Russia were not discussed in the meetings. But Indra Overland, Russian expert at the Norwegian Institute of International Affairs, said the “mini-thaw” in relations signals a change in relations with Russia as the memory of what happened in Ukraine fades.
“It is the clear beginning of a slippage on sanctions. It’s quite a big beginning. It doesn’t affect the sanctions yet but the will to continue is slipping,” added Mr Overland.
Finland, which unlike Norway is not a member of the Nato military alliance, has long been among the EU countries to have kept some of the closest relations with Russia. The two states’ presidents meet annually and foreign ministers also meet regularly.
Juha Sipila, the Finnish prime minister, is due to meet his Russian counterpart Dmitry Medvedev next week.
Russia is still Finland’s fifth-biggest export destination despite sanctions and Mr Mykkänen said it was “important to support the work of Finnish companies in Russia”. But he added that Russia’s bombardment of Aleppo in Syria had made both the EU and Finland “more negative” towards Moscow.
He also warned against over-interpreting the revival of the trade commission. “It’s nothing so special and I wouldn’t overstate the meaning of this,” Mr Mykkänen said.
Both the Finnish and Norwegian ministers agreed to further meetings, with Ms Maeland due to visit Moscow in April 2017 while the Finnish-Russian commission is set to reconvene next year.
As part of the visit by Sergei Donskoi, Russia’s natural resources minister, to Oslo this week, the two countries agreed to hold future talks on how to allocate potential oil or gas discoveries that could straddle the border, as well as share seismic data in the Barents Sea.
“Companies have been pushing us to have a political dialogue with Moscow for some time,” a Norwegian government official added.
Putin appoints new economy minister
Russian President Vladimir Putin signed a decree appointing Maxim Oreshkin to the office of the Minister of Economic Development. The relevant document was posted on Nov. 30 on the Kremlin’s website.
"To appoint Maxim Oreshkin as the Minister of Economic Development of the Russian Federation," the document says.
The decree comes into force from the date of its signing.
Maxim Oreshkin was born in 1982 in Moscow and graduated from the High School of Economics with the master degree in 2004. He held executive positions with Rosbank, Credit Agricole Corporate and Investment Bank, and VTB Capital from 2006 to 2013. Oreshkin started working in the Ministry of Finance in 2013 as the department head and was appointed to the office of the Deputy Finance Minister in March 2015.
Project Canada wrote:
Putin appoints new economy minister
Russian President Vladimir Putin signed a decree appointing Maxim Oreshkin to the office of the Minister of Economic Development. The relevant document was posted on Nov. 30 on the Kremlin’s website.
"To appoint Maxim Oreshkin as the Minister of Economic Development of the Russian Federation," the document says.
The decree comes into force from the date of its signing.
Maxim Oreshkin was born in 1982 in Moscow and graduated from the High School of Economics with the master degree in 2004. He held executive positions with Rosbank, Credit Agricole Corporate and Investment Bank, and VTB Capital from 2006 to 2013. Oreshkin started working in the Ministry of Finance in 2013 as the department head and was appointed to the office of the Deputy Finance Minister in March 2015.
Does anybody know if this guy is a supporter of Glazyev's economic plan? I just hope he is not another Liberal stooge
MOSCOW, December 1. /TASS/. Russian President Vladimir Putin called in the state-of-the-nation address to the Federal Assembly on Thursday to increase the share of non-defense export in the defense industry to 50% by 2030.
"Its share should be at least a third of the total production output in the defense sector in the coming decade," Putin said.
"I want to share these plans with you: the defense segment will produce approximately 16.1% of non-defense products, minor growth is planned in 2020, 30% by 2025 and at least 50% of non-defense products should be by 2030," Putin said.
Russian president has also marked progress in the national defense industry sector, which shows a significant productivity growth - 9.8%.
"We conducted a thorough modernization of the military-industrial enterprises of the defense sector. This has led to an increase in production volumes, and which is most important - to a significant increase in productivity. The defense sector shows is very good performance and gives a good example. In 2016, the expected rate of production growth in the defense industry will be 10.1%, and the expected productivity growth rate is 9.8%," President Vladimir Putin said in his state-of-the-nation address
Austin wrote:What kind of Non Defence Growth is Putin talking about said to be 30 % by 2025.
So the same organisation that has been making tanks and aircraft will be making railway engine , fridge , TV , Civil Aircraft etc and exporting it ?
Austin wrote:What kind of Non Defence Growth is Putin talking about said to be 30 % by 2025.
So the same organisation that has been making tanks and aircraft will be making railway engine , fridge , TV , Civil Aircraft etc and exporting it ?
The unprecedented tools used by central banks to fight deflation and fire up growth didn’t serve the global economy well, according to Bank of Russia Governor Elvira Nabiullina. And once they’re gone, she says they aren’t coming back.
Besides spillovers that are inflating “asset bubbles in different segments” of global markets, another consequence of ultra-easy settings is that investment has poured into projects that are hurting productivity, Nabiullina said in a Bloomberg Television interview in Moscow. The outcome is a further drag on economic growth and trade that’s reverberating worldwide, she said.
“Quantitative easing was initially conceived as a temporary policy, to win time for structural changes,” Nabiullina said. “We see that it’s being carried out for quite an extended period and negative consequences of the policy are accumulating.”
Looser policy by major central banks has propelled stocks since the global financial crisis, and government bond yields have fallen to record lows. While Russia’s central bank has been so by-the-book that Morgan Stanley deemed it to be the “most orthodox” in developing Europe, policy makers in Moscow are more than innocent bystanders in a global debate over the pitfalls of monetary stimulus.
Little Stimulus
The challenge for Russia may be how to vanquish -- not rouse -- inflation, but a chorus of officials and business leaders is keeping up pressure on the central bank to abandon a stance so tight that it’s kept real interest rates near the world’s highest even as the economy struggles to pull out of its longest contraction under President Vladimir Putin.
Long a critic of the U.S. Federal Reserve as the world’s dollar printing press, Putin has stood by his central bank and declined to pump the economy with cash even as a recession drags on. Unlike the crisis in 2009-2010, when Putin deployed a stimulus package estimated as the largest among Group of 20 nations, this time he’s letting the economy adjust through a flexible exchange rate even as millions plunge into poverty.
After helping touch off inflation by allowing the ruble to trade freely in late 2014, policy makers are targeting price growth of 4 percent by end-2017 after overshooting their forecasts for a fourth consecutive year in 2015. The central bank’s “moderately tight” stance has allowed for only two rate reductions in 2016 before policy makers all but shut the door on more monetary easing through the rest of the year.
‘Opposite Goals’
“For Russia, we don’t yet see grounds to use such non-traditional measures,” Nabiullina said. “We have absolutely opposite goals. Our inflation is high and we need to lower it.”
Where global central banks went awry is by trying to administer a monetary cure to “imbalances” for which the best solution may lie elsewhere and that ultimately account for the sluggish economic growth and low inflation, according to Nabiullina.
“Monetary policy alone can’t cope with these imbalances,” she said. “For the effort to be effective, what’s needed is a good mix, a good combination of fiscal and monetary-policy and structural changes.”
Policy Mix
It’s a sentiment increasingly heard from the likes of Federal Reserve Vice Chairman Stanley Fischer, who said this month that monetary and fiscal policy steps may be needed to fend off a protracted period of sub-par economic growth.
The European Central Bank last month also repeated its “strong call” for governments to flank loose monetary policy with “adequate fiscal policies and structural reforms” to make growth stronger and more sustainable. President Mario Draghi in October told euro-area governments that the ECB policies give time for economic reforms to be undertaken.
“If you have cheap money, it doesn’t necessarily go into projects with increasing efficiency, increasing productivity,” Nabiullina said. “Therefore, a consequence of low productivity of projects and the lack of meaningful growth in labor productivity is the low pace of economic growth, which harms everyone, all the countries, as we live in a globalized world.”
‘Difficult Task’
The timing of policy normalization will depend on the specific situation in each country, according to Nabiullina. The governor praised the Fed for its “rather careful” approach to preparing the markets for possible tightening in the U.S.
“Central banks of these countries face a very difficult task, of course, considering the deflation in these countries and the so-far limited impact of soft monetary policy,” Nabiullina said. “They are having to resort to artistry to achieve their goals.”
While higher rates in the U.S. won’t have any “significant, immediate impact” on the Russian economy, the Fed’s policy turn can reach the world’s biggest energy exporter by affecting the price of oil and stoking market volatility, she said.
Although central banks world over have bumped up against the limits of what they can accomplish, Nabiullina sees more than the failure of monetary stimulus.
“The job of central bankers is now difficult in all countries,” she said. “The tasks are different, and indeed they are hard to solve, leading to the use of non-traditional instruments. But I think it speaks to the flexibility of central banks, their readiness to deploy even non-traditional instruments, expand their arsenal of measures to act on the economy in order to reach their goals.”
Seversk. December 6. Interfax-Siberia - The volume of state defense orders in 2017 will be reduced, according to deputy chairman of the board of the Military-Industrial Commission (MIC) of the Russian Federation Oleg Bochkarev.
"The volume of public procurement in 2017 will be 5% less money than in 2016. Yes, probably, it will generally not as noticeable, although the 5% overlap inflation, but, nevertheless, reduction trend is already underway. And after 2020, it will only increase, "- said O.Bochkarev during the Council meeting on the development of defense industry enterprises in Seversk.
According to him, businesses operating in the state defense order, in recent years engaged in the modernization of production, increasing the number of civilian products.
In turn, the presidential envoy to the Siberian Federal District Sergei Menyailo expressed concern that the state defense order reduction can lead to various problems.
"In still a large number of companies, where the share of the state defense order of 90 percent or more is clear that with a decrease in the order will have problems not only economic, but also social." - He said.
Earlier, with reference to the Deputy Minister of the Russian Federation Yuri Borisov Harrows reported that the state defense order in Russia will be reduced by 5-7 years. "Just 5-7 years, the volume of public procurement will decrease We will achieve the necessary level of equipment.", - Stated in the Yu.Borisov XV scientific and technical conference on electronics issues in Saratov in September.
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