For the last end of year interview installment we have the one that was actually first having been done on 14 December when Finance Minister Anton Siluanov was interviewed by Izvestia. That this is appearing after Nabiullina’s interview is appropriate since the two actually operate both as a team and part of a larger team—Russia’s main decision and planning core. Dedicated readers will have read his words before as he participates in many events jointly with Putin and is the one generally giving the economic reports, while Putin is famous for saying that Siluanov is always broke despite handling trillions of rubles. So, let’s read what he has to say about 2023 and the outlook for 2024 and beyond with
thanks karl.. one wonders of the ability of the west to recreate a scenario like what has happened in the past with currency devaluation.. it was brutal for a number of countries and historically has happened in the past 20-30 years with great frequency... the ruble after the fall of the ussr, the asian crisis - can't remember the years, and more recently real fluctuations in the turkish lira.. of course there is argentina and some other countries too i am forgetting.. i think one of the first ones was soros run on the uk pound... the financial markets - currency trading exchanges - are like huge gambling casinos where big players can push things in a particular way for certain outcomes.. i can't imagine them having lost the power to do this yet.. would be nice... so, hopefully wiser heads will prevail... getting out of the us$ would be task number 1..
i suspect russia has known this for some time... and to make sure all corporate loans held in russia are not denominated in us$ either.. this is one of the ways the asian currency crisis had so much success - loans demoninated in us$ and once the thai bhat or whatever was devalued, it was impossible to pay back the us$ loans... the crooks who work for wall st, city of london, and the exchanges in chicago know how to work all the angles..
Yes, that's why dollar hegemony can become very powerful; but it can also be controlled by not having any exposure thus no leverage for the Empire. That's the #1 lesson nations ought to have learned over the last 110+ years. Russia's behaving in a Classical Economic way and is becoming very good at it.
it is tricky getting around it... camp bretton woods set up settlement of oil in us$ world bank and imf loans are all run thru usa and typically in us$.. commodity exchanges all set up in us$ exchanges and etc.. yes, its a big ponzi scheme, but little players have a hard time getting out from under it.. this was indeed intentional too... thus the need for a whole new international set of institutions here.. perhaps brics can come up with an alternative.. swift is another one of these set ups from after ww2... look how the usa and friends used that against russia since somewhere after 2014? all these international institutions are suspect..
The roots of it all are in the WW1 Era. Hudson's interview just prior to the 31st is now posted at his site and provides a new way of looking at the Big Picture, https://michael-hudson.com/2024/01/predictions-2024/
thanks karl.. one wonders of the ability of the west to recreate a scenario like what has happened in the past with currency devaluation.. it was brutal for a number of countries and historically has happened in the past 20-30 years with great frequency... the ruble after the fall of the ussr, the asian crisis - can't remember the years, and more recently real fluctuations in the turkish lira.. of course there is argentina and some other countries too i am forgetting.. i think one of the first ones was soros run on the uk pound... the financial markets - currency trading exchanges - are like huge gambling casinos where big players can push things in a particular way for certain outcomes.. i can't imagine them having lost the power to do this yet.. would be nice... so, hopefully wiser heads will prevail... getting out of the us$ would be task number 1..
i suspect russia has known this for some time... and to make sure all corporate loans held in russia are not denominated in us$ either.. this is one of the ways the asian currency crisis had so much success - loans demoninated in us$ and once the thai bhat or whatever was devalued, it was impossible to pay back the us$ loans... the crooks who work for wall st, city of london, and the exchanges in chicago know how to work all the angles..
Yes, that's why dollar hegemony can become very powerful; but it can also be controlled by not having any exposure thus no leverage for the Empire. That's the #1 lesson nations ought to have learned over the last 110+ years. Russia's behaving in a Classical Economic way and is becoming very good at it.
it is tricky getting around it... camp bretton woods set up settlement of oil in us$ world bank and imf loans are all run thru usa and typically in us$.. commodity exchanges all set up in us$ exchanges and etc.. yes, its a big ponzi scheme, but little players have a hard time getting out from under it.. this was indeed intentional too... thus the need for a whole new international set of institutions here.. perhaps brics can come up with an alternative.. swift is another one of these set ups from after ww2... look how the usa and friends used that against russia since somewhere after 2014? all these international institutions are suspect..
The roots of it all are in the WW1 Era. Hudson's interview just prior to the 31st is now posted at his site and provides a new way of looking at the Big Picture, https://michael-hudson.com/2024/01/predictions-2024/
thanks karl.. i will have to check it ou!