Chiefly on the Russian economic and finance. I'd even say it is MMT-ish. Better than could be gotten from a US Congress, even if the majority understood MMT, given domestic politics and the political process.
Gilbert Doctorow — International relations, Russian affairs
Prime Minister Mikhail Mishustin’s Address to the Federal Assembly, 07 April 2022
Gilbert Doctorow
Prime Minister Mikhail Mishustin’s Address to the Federal Assembly, 07 April 2022
Gilbert Doctorow
https://gilbertdoctorow.com/2022/04/07/prime-minister-mikhail-mishustins-address-to-the-federal-assembly-07-april-2022/
3 comments:
20% rates did not "rein in" inflation. Nor did it contribute to the ruble's strength. The ruble fell after that rate hike by the Bank of Russia. What's causing the ruble to strengthen now is anybody's guess, but it's definitely not high interest rates. He's wrong about this.
Their composite financial terms of trade is still about where it was before they attacked Ukraine..,
20% rates did not "rein in" inflation. Nor did it contribute to the ruble's strength. The ruble fell after that rate hike by the Bank of Russia. What's causing the ruble to strengthen now is anybody's guess, but it's definitely not high interest rates. He's wrong about this.
Right. There is a big controversy in the Russian leadership over this. CB chief Elvira Nabiullina is a conventional central banker and who named central banker of the year not long ago. Russia has been running a pretty conventional monetary policy and adjusting fiscal policy to the conventional thinking. Putin seems to agree. She did float the ruble in response to the initial sanctions and that was the right move.
Sergei Glaziev (also transliterated Sergey Glazyev) disagrees. So far he has not been of much influence but his star appears to be rising, and some of the present policy is based on ideas he has surfaced previously, like payment for commodity purchases in rubles or gold.
So it appears that Russian economic/financial policy is in flux.
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