The plunging ruble is a signal for the Russian economy to adapt to new conditions, Russia’s Central Bank Chair Elvira Nabiullina said, following the surprise midnight decision to hike the key interest rate to 17 percent.…
“We must learn to live in a new reality, to focus more on our own resources to finance projects and give import substitution a chance,” the bank chief said in a televised address Tuesday.…
Nabiullina said that the Central Bank has special tools not to restrict development and growth within Russia, citing finance of investment projects, and small and medium-sized business and commodity exports as target industries.RT
Slumping ruble should push Russia to ‘live in new reality’ – Bank chief
8 comments:
New reality: we can't steal territory any more. That's got to hurt.
Peter, $100 oil can give a USD zombie some swagger.... $50 oil not so much....
btw the 'swagger meter' for these zombies is calibrated in USDs .. not in real terms... which is SICK if you think about it...
Watch how now zombie Putin will become all docile...
Dimitry Orlov's latest blog suggests that Elvira is not on the same page as Putin and that her days as bank chair may be numbered.
http://cluborlov.blogspot.co.uk/2014/12/can-anybody-find-me-central-banker-to.html
Dan lets use this as a test case...
iow if Putin doesn't can her then we know he thinks they are now "out of money" just like all others who remain out of paradigm. rsp
I gather that Putin does not have the legal authority to fire Elvira, but Dimitry hinted that Putin may have ways to make her disappear. ;-)
from retired NATO military intelligence officer who livedi n Russia & worked with Pentagon & Russian hi-command that explains it more
http://vineyardsaker.blogspot.com/2014/12/free-fall-of-ruble-brilliant-ploy-of.html
more from retired NATO military intelligence officer who lived in Russia for 10 yrs & worked with Pentagon & Russian hi-command that explains it more
: "First, Russia needs not less, but more regulation and more state control. At the very least,
I really believe that the very institution of the Central Bank is a toxic one:
it was created by the US-controlled Eltsin regime to subordinate Russian politics (and politicians) to the international banking cartels and we see that it works perfectly.
Putin can send bombers to the Gulf of Mexico, but he is unable to remove Nabiulina, nevermind take control of the Central Bank. Nikolai Starikov has even said that there is a joke going around now saying "Putin, send the troops into the Central Bank!".
That is how disgusted many Russians have become with this supra-national institution which is accountable to nobody. But there is even worse."
http://vineyardsaker.blogspot.com/2014/12/putin-on-defensive-forced-to-invest-lot.html
from the above, there are 2 competing factions within Russian politics --Putin vs. the 'Fifth Column' 'neo-liberal Western Atlantic integrationists' of Medevev & the Central Bank plutocratic oligarchs
In public, they make nice but behind closed doors, they represent different interests & factions
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