Why didn’t Russia come to war with the dollar?
In our country, there are topics that are raised every year and not once. This, for example, "getting off the oil and gas needle" and the rejection of the use of the American dollar. However, things are still there. What is the problem?
The United States of America was able to create a unique situation for itself - their national currency is used in mutual settlements by an absolute majority of countries, and their population prefers to keep their savings in US dollars. In practice, this means an overvaluation of this currency and an overestimated demand for it. The United States can provide its population with a significantly higher average standard of living than other countries than they could really afford. Goods are imported at low prices for American consumers.
Economy The United States remains afloat, despite the colossal debt, measured in the trillions, thanks to the ability to lend at low rates and provide government work. The United States stands at the very top of the financial pyramid they created, at the base of which is a dozen aircraft carrier strike groups and the largest marine corps in the world, which are able to “otmokratit” any country that does not possess nuclear weapons that does not agree with the current state of affairs.
However, leaders of nuclear powers such as Russia and China are increasingly opposed. Everyone understands that a real mass rejection of the use of the dollar will be a serious blow to the US-centric system of world order. Analysts figuratively call this a confrontation between West and East, referring to this and Russia. Vladimir Putin, at the BRICS summit, noted the extraordinary role of the dollar and the problems that arise from this:
The Russian president immediately made a reservation that he was definitely not going to abandon the American national currency, pointing out the need to create new reserve currencies. For example, at the CIS level, in his opinion, the Russian ruble claims this role. Moreover, the head of state quite rightly pointed out the fact that any currency is as good as the economy behind it. Due to the fact that virtually the entire world economy is tied to the dollar, Washington is essentially parasitizing safely on it. Putin disagreed with the current system:
Western economists interpreted these statements, as well as the fact of the massive sale of US Treasury securities by the Russian Central Bank as a declaration of war:
But these are all words. What is really happening with the de-dollarization of Russia?
It is known that in recent months, the department of Nabiullina got rid of tens of billions of dollars of treasuries. However, almost 15 billion remained to work for the US economy, and the withdrawn money did not enter Russia, being invested in the banking systems of other Western countries. These actions did not have any real effect on the dollar. But non-residents withdrew $ 6 billion over the period under review from Russia. Further more. Experts are convinced that the Russian Central Bank is working for a high dollar exchange rate in the country, which artificially lowers the value of the ruble. Every day he spends almost 16 billion rubles to purchase dollars in the domestic market. Without the help of the Central Bank, an “American” would have cost only 50 rubles.
Why does the central bank act this way? Because Russia is a country of victorious raw materials exported for currency. And raw oligarchs and the federal budget benefit from a low ruble exchange rate and high hydrocarbon prices in dollars and euros. And the State Duma of Russia adopted a bill that exempts raw materials workers working for export from the obligation to return to the country part of the revenue in foreign currency. That is, the proceeds from the sale of national property dollars and euros can not be returned to the country, but left in the West in foreign currency accounts. Economists protecting the current system say that it will be difficult for Russian exporters to agree on settlements in rubles. But have they at least really tried?
As a result, the population does not believe in either the ruble or the promises of the authorities and prefers to convert their savings into dollars. It is estimated that about 150 billion dollars are now in the hands of the population. Economist Valentin Katasonov expresses the view that over time, not the ruble, but the dollar may become the main unit of account in Russia:
Is it any wonder that, despite loud statements, modern Russia did not come to a real war with the dollar?
The United States of America was able to create a unique situation for itself - their national currency is used in mutual settlements by an absolute majority of countries, and their population prefers to keep their savings in US dollars. In practice, this means an overvaluation of this currency and an overestimated demand for it. The United States can provide its population with a significantly higher average standard of living than other countries than they could really afford. Goods are imported at low prices for American consumers.
Economy The United States remains afloat, despite the colossal debt, measured in the trillions, thanks to the ability to lend at low rates and provide government work. The United States stands at the very top of the financial pyramid they created, at the base of which is a dozen aircraft carrier strike groups and the largest marine corps in the world, which are able to “otmokratit” any country that does not possess nuclear weapons that does not agree with the current state of affairs.
However, leaders of nuclear powers such as Russia and China are increasingly opposed. Everyone understands that a real mass rejection of the use of the dollar will be a serious blow to the US-centric system of world order. Analysts figuratively call this a confrontation between West and East, referring to this and Russia. Vladimir Putin, at the BRICS summit, noted the extraordinary role of the dollar and the problems that arise from this:
This is a universal reserve currency. More or less, the euro may claim this, but even then not in full. We are talking not only about this problem, and this is becoming a problem
The Russian president immediately made a reservation that he was definitely not going to abandon the American national currency, pointing out the need to create new reserve currencies. For example, at the CIS level, in his opinion, the Russian ruble claims this role. Moreover, the head of state quite rightly pointed out the fact that any currency is as good as the economy behind it. Due to the fact that virtually the entire world economy is tied to the dollar, Washington is essentially parasitizing safely on it. Putin disagreed with the current system:
After all, this is not just a separation from the dollar, it is about the need to increase our economic sovereignty, and this is absolutely correct
Western economists interpreted these statements, as well as the fact of the massive sale of US Treasury securities by the Russian Central Bank as a declaration of war:
This step can be regarded exclusively as an economic war between the West and the East.
But these are all words. What is really happening with the de-dollarization of Russia?
It is known that in recent months, the department of Nabiullina got rid of tens of billions of dollars of treasuries. However, almost 15 billion remained to work for the US economy, and the withdrawn money did not enter Russia, being invested in the banking systems of other Western countries. These actions did not have any real effect on the dollar. But non-residents withdrew $ 6 billion over the period under review from Russia. Further more. Experts are convinced that the Russian Central Bank is working for a high dollar exchange rate in the country, which artificially lowers the value of the ruble. Every day he spends almost 16 billion rubles to purchase dollars in the domestic market. Without the help of the Central Bank, an “American” would have cost only 50 rubles.
Why does the central bank act this way? Because Russia is a country of victorious raw materials exported for currency. And raw oligarchs and the federal budget benefit from a low ruble exchange rate and high hydrocarbon prices in dollars and euros. And the State Duma of Russia adopted a bill that exempts raw materials workers working for export from the obligation to return to the country part of the revenue in foreign currency. That is, the proceeds from the sale of national property dollars and euros can not be returned to the country, but left in the West in foreign currency accounts. Economists protecting the current system say that it will be difficult for Russian exporters to agree on settlements in rubles. But have they at least really tried?
As a result, the population does not believe in either the ruble or the promises of the authorities and prefers to convert their savings into dollars. It is estimated that about 150 billion dollars are now in the hands of the population. Economist Valentin Katasonov expresses the view that over time, not the ruble, but the dollar may become the main unit of account in Russia:
According to my expert estimates, at least 50% of the total cash supply in Russia is foreign currency
Is it any wonder that, despite loud statements, modern Russia did not come to a real war with the dollar?
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