Tuesday, January 20, 2015

John Helmer — Bagging The Cat — Ksenia Yudaeva, The First Russian Central Bank Governor To Be Sacked In Secret

Looks like the Russian central bank really doesn’t know what it is doing. As clueless as in the 1997-98 crisis that ended in a needless default.
Following the collapse of the oil price and the rouble, then the government bond and bank defaults of August 17, 1998, Prime Minister Sergei Kirienko was dismissed, and replaced by Yevgeny Primakov. Dubinin announced he was resigning on September 8. The next day he defended himself, publicly accusing other officials in the government. “Under my leadership,” Dubinin claimed, “the Central Bank did not print worthless money. However, monetary policies cannot forever compensate for weaknesses in tax collection and the management of the national debt.”
There it is.

1 comment:

Matt Franko said...

There are only about 1,000 of us Tom..... rsp