In January, Deputy Prime Minister Arkady Dvorkovich said that Russia was open to all budget spending options, including military sector spending cuts.
Clueless.
Russia considering ways of cutting budget spending — Kremlin
In January, Deputy Prime Minister Arkady Dvorkovich said that Russia was open to all budget spending options, including military sector spending cuts.
3 comments:
that's why I keep telling ya Tom they need to keep the rates up in double digits at least that is creating some addl fiscal flows via interest income to the savers....
I would follow Hellevig and lower rates, increase lending for investment (the largest commercial bank is state-owned), and let fiscal policy rip. If need be, they could temporarily impose some wage and price controls. They also need to address the extreme inequality and rise of the top tier, which is getting to be as bad if not worse that the US and UK. However, the Russian government probably has more control over the top than the US and UK, where the top is the government. Putin at least ended that. Now he should use that power to full effect.
They need to get control of the Central Bank.
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