zorobabel wrote:Impressed by gains in the south.
The one thing I do not understand is why Russia did not bring more of its forex reserves (not just gold) back to Russia to prevent them from being frozen. $300-400bn lost is nothing to sneeze at, and I wouldn't be surprised if the West started giving it to Ukraine.
The CBR holdings were frozen, but it does not matter, everyone is aware that Niabullina was bailing out the associates of Yegor Gaidar, Alexei Kudrin and the rest of the corrupt fucks like sergei pugachev, boris mints, and Vadim Belayev.
The CBR scheme is quite simple, they hold foreign reserves which are wired through SWIFT to oligarchs in Europe, Cyprus, and the Carribbean. Corrupt fuckers then buy up villas, properties and what not and declare it all as a lost.
Niabullina then prints money to cover their losses and calculates a provision as write off to "bad debt expense"
This is how the bankers asset strip Russia. Between Oligarchs the CBR is covering the theft of 1 trillion dollars from the country, the so called "capital flight"
So this money was the oligarchs channel to pay for debts, securities, loans, real estate, transfer of shares, and issuance of bonds.
The CBR aided and abetted this process by holding currency of hostile states for this, helping German Gref facilitate these schemes. Sberbank covered the CBR by saying these were legitimate wire transfers to real businesses, but it was for Abramovich and Co. Yachts, houses and other decadence
So the money which was frozen was being looted anyway, it's just liberal reformers had a big hold over the internal processes in Russia
After all, it was they that created the economic system, Putin did not keep characters like Kudrin and Niabullina because he liked them, it was because they ran the old now destroyed economy
Putin carried out controlled demolition of the old system
Liberal reformers are panicking, and the Russian economy will be given over to Glazyev and Soviet economic theorists to implement a fiat system with lower interest rates to lower inflation
But coupled to Gold and resources to properly revalue the currency
And ran in a sensible way, the Russian economy is suffering from demonetization , the 10% debt to GDP is nice but get real, any economy can print more than this
What is the point of a 10% debt to GDP ratio when your running interest rates at 20%?
Niabullina is starving the economy of internal credits making it dependent on external credits , dollars and euros
Russia needs fiat currency urgently , and increase monetization at sensible debt ratio
Once the economy is monetized by printing, inflation subsides with lower interest rates, and revaluation of the Ruble like the Chinese did with Yuan
Then jokers here will be happy about our huge nominal GDP