10 mars

Ny intressant artikel av Michael Hudson, tillsammans med Paul Craig Roberts, om Rysslands ekonomi och vad de gör fel. Ekonomer med inflytande verkar vara för påverkade av väst, vara för imponerade av dessa. Ryssland kunde själva skapa inhemsk valuta för att få fart på behövliga projekt, man ska inte låna utomlands.

Is Neoliberalism Killing Russia?

Today privatization continues in the de facto privatization of public assets, such as charging fees for use of federal highways. As the Russian economic profession has been brainwashed by the Americans, the country is devoid of economic leadership.
We have pointed out on more than one occasion that it is nonsensical for Russia to indebt itself by borrowing abroad in order to finance investments. The Russians were sold a bill of goods that the central bank cannot issue rubles unless the rubles are backed by dollars. This advice served to prevent Russia from using its own central bank to fund public infrastructure and private investment projects by issuing rubles. In other words, Russia might as well not have a central bank.
Apparently, Russian economists do not understand that Russia does not spend borrowed foreign currencies inside Russia. If Russia takes a foreign loan, the borrowed money goes into central bank reserves. The central bank then issues the ruble equivalent to be spent on the project, and the cost of the project goes up by the pointless interest paid to the foreign lender.
As far as we can tell, the Institute of Economics of the Russian Academy of Sciences is so brainwashed by neoliberal economics that their minds are closed to correct policies. The failure of Russian economic leadership imposes far more costs on the Russian economy than do Washington’s sanctions.

William Engdahl skrev i augusti 2016 att en grupp med just de idéer som Hudson och Roberts förespråkar hade fått i uppgift att lägga fram ett program samma höst. Verkar inte som att det hänt så mycket med det då.

Putin: Nyet to Neo-liberals, Da to National Development

With very little fanfare, Russian press a few days ago carried a note that could have a most profound positive significance for the future of the Russian domestic economy. The online Russian blog, Katheon, carried the following short notice: “Russian President Vladimir Putin instructed (the Stolypin economist group–w.e.) to finalize the report of the Stolypin Club and on its basis to prepare a new program of economic development, alternative to Kudrin’s economic plan. The program itself should be given to the Bureau of Economic Council in the IV quarter of 2016.”
In their comment, Katheon notes the major significance of the decision to drop the clearly destructive neo-liberal or free market approach of former Finance Minister Alexei Kudrin: “The Stolypin club report advises to increase the investment, pumping up the economy with money from the state budget and by the issue of the Bank of Russia. In turn, the concept of the Center for Strategic Research (Alexei Kudrin) suggested that investments should be private and the state is to ensure macroeconomic stability, low inflation, reduced budget deficit.”

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