Wednesday, August 10, 2016

Paul Craig Roberts and Michael Hudson — Russia’s Weakness Is Its Economic Policy

According to various reports, the Russian government is reconsidering the neoliberal policy that has served Russia so badly since the collapse of the Soviet Union. If Russia had adopted an intelligent economic policy, Russia’s economy would be far ahead of where it stands today. It would have avoided most of the capital flight to the West by relying on self-finance.…
Paul Craig Roberts Blog
Russia’s Weakness Is Its Economic Policy — Paul Craig Roberts and Michael Hudson

9 comments:

Bob said...

Problem with link.

Tom Hickey said...

Thanks. Fixed.

Gary Hart said...

The criminals, and their media, behind the deep state that rules America made a mistake when they showed their hand by lying about Russia and imposing economic sanctions. That gave Russia a heads up on what the criminals intend. PCR seems to learning something from MH.

Kaivey said...

Yes, it's great how they work together now. I sent an email to Micheal Hudson a few yes back and said, 'hey, I think PCR is on our side'.

Michael Norman said...

It's what I've been pointing out for a long time here.

Matt Franko said...

This is all BS:

" The policy’s call for high interest rates and austerity sank the Russian economy – needlessly. The ruble was knocked down by capital outflows, resulting in the neoliberal central bank squandering Russia’s foreign reserves in an effort to support the ruble but actually supported capital flight."

Idiot writing....

Matt Franko said...

He says here:

" By tricking Russia into accepting foreign capital and exposing the ruble to currency speculation, Washington blah blah..."

So he says having foreign capital and "floating" fx is a bad idea.... Then 2 sentences later he says:

" The ruble was knocked down by capital outflows, resulting in the neoliberal central bank squandering Russia’s foreign reserves in an effort to support the ruble blah blah...."

Then he says getting rid of foreign capital and fixing FX is a big disaster...

Which one is it these guys dont even make basic logical sense....

Tom Hickey said...

It's what I've been pointing out for a long time here.

Yes, we have covered the situation in Russia and its development in much greater depth for a long time. Those following it could have done well taking various positions, and those conditions seem to be close to the point of improving markedly if Putin follows though on dumping the neoliberals — finally.

Tom Hickey said...

@ Matt

Yes, MH has confused some issues in this post. He has collapsed a whole time frame into a few sentence that don't make good sense in terms of the sequence of events, which anyone following the Russian commentary here would realize.

I am not saying that the Stolypin Club led by Glaziev, Titov, et al have it completely right. They are not in paradigm with MMT, but they are are a whole lot closer than the neoliberals under Kudrin and Nabiullina that are chocking the Russian economy.