Discussion about this post

User's avatar
Stephen J. Kennedy's avatar

I used to comment for years that Russia's most deadly enemy was the Russian Central Bank. Some Russians loved to brag about their budget surplus and how they were so much smarter than the West, and I would tell them they were idiots. A surplus simply means you are draining money from the economy. Russia's problem for a very long time, is that there is not enough money. That is under the complete control of the government for a State that issues a fiat currency.

When Nabiullina raised interest rates to 20% at the beginning of the Ukraine conflict, the Duran guys were going on and on about how brilliant this was. I sent them a comment that she was either an idiot or a traitor.

The guy who has the right ideas about monetary / financial policy in Russia is Glazyev. He seemed to be gaining power recently, but I'm not so sure.

One thing about a war is that budget constraints on military go out the window. Putin pretty much said as much. That actually helps the general economy. Puts more money into the economy. What pulled the US out of the Great Depression, was massive spending on armaments after the declaration of war in 1941.

Expand full comment
Rob (c137)'s avatar

You need to understand 5d chess to ask the correct questions.

Hit your head on the wall until you're a bit dizzy.

Then Putin will make a lot of sense..

It worked for Tom Luongo and other multipolar 5d chess players.

Expand full comment
17 more comments...

No posts