On Wed, Jan 08, 2020 at 03:50:47PM +1100, Zenaan Harkness wrote:
One wonders at what point Russia/ Putin will feel or be strong enough to reclaim their money printing from the Fed/ IMF/ USA:
Why Did Russia’s Central Bank Change Their Eagle Emblem? https://thesaker.is/why-did-russias-central-bank-change-their-eagle-emblem/
... we need to change the financial policy of the Central Bank. This is the most important. It is necessary to print as much money as we need for our economy with 0 interest rate. Issuing money needs to be as a result of refinancing of commercial banks or backed by state bonds, as it is done in USA and the EU. It should not be linked to the dollar as it is now. Right now, the interest rate is 6.25%, although, it has been declining lately. However, it doesn’t mean much for Russia’s economy.
First of all, if it is not going to be refinanced, then there is no difference on what the interest rate is, even it would be a zero. Second of all, prior to 2014, the interest rate was also declining, then it flew up to 17 %. It was necessary during the time to bring the interest rate down, so for a very short period of time, Russia lost what was gained previously for many years. ...
Russia values her sovereignty, very much, according to Putin.
The fundamental though - the right to print her own fiats (or gold and silver backed coins), requires a referendum, since Russia's
current referendum was dictated by Westerners (Fed/IMF shills).
s/referendum/constitution/
Perhaps that day comes closer...