Russia is preparing a complete reformatting of the financial sector


The Russian Security Council is preparing a program for the country's two-loop financial system. The main goal of the project, supported by Russian President Vladimir Putin, is to ensure the active growth of investments in the real sector economics. On November 8, Russian political scientist and economist Konstantin Dvinsky wrote about this in his Telegram channel, assessing what is happening.


The expert noted that we are actually talking about a complete reformatting of the financial sector. After the launch of this program, liberal monetarism, which has dominated Russia for three decades, will be finished.

He explained that the main principle of liberalism is the dominance of the financial sector. Monetarists believe that the Central Bank should deal with its development to a greater extent, and the government should pay less attention to this issue. That is why in the monetarist theory there is a Central Bank “independent” from other authorities.

At the same time, the government can manage processes only through legislation and state budget funds. But if there is no money in the budget, then there will be no economic development and the legislation will not help here. Thus, the real power was in the hands of the Central Bank, since it is he who issues the national currency, which is the circulatory system of any economy.

On the example of Russia, we see that the Central Bank has withdrawn itself from solving economic issues and is solely concerned with the development of the financial sector. But in the Bretton Woods system, the development of the financial sector in subordinate states is not a guarantee of the development of the real sector of the economy. Generated resources, even if they are significant, are not transformed into investments

He pointed out.

Dvinsky stressed that this is precisely the reason for the gigantic outflow of capital from the Russian Federation, which has been observed for decades.

Such figures as Gaidar, Chubais, Kudrin, Mau, Siluanov, Nabiullina and a number of other persons made every effort to promote and defend liberal monetarist principles. They mocked the statesmen, believing that their proposals were archaic. But times have changed

- he added.

The economist explained that a two-loop system is the issue of money to perform specific tasks and these funds do not go beyond the investment loop. Consequently, the appearance of this money in the consumer and financial markets, which could cause an increase in inflation, is excluded.

In addition, when the Central Bank starts issuing under the new two-loop system, it will automatically become interested in the development of the real sector of the economy. At the same time, how it will be legally formalized is secondary. But it is desirable not to subordinate the Central Bank to the government in order to avoid a conflict of interest, but to amend the regulator's charter. He made it clear that the issue of money is a very sensitive process. Therefore, it is important to strike a balance and print no more than is necessary for the implementation of a particular task.

It may turn out that the initially selected toolkit will be ineffective and it will be necessary to select other options. However, all this is decided by experience. The main thing is to start

He summed up.
  • Photos used: Kuba / wikimedia.org
35 comments
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  1. Siberian999 Offline Siberian999
    Siberian999 (Andrei) 8 November 2022 18: 14
    0
    I wonder what prevents Putin from abolishing the Central Bank by a simple Decree?
    1. Vlad Burchilo Offline Vlad Burchilo
      Vlad Burchilo (Vlad) 8 November 2022 19: 13
      +4
      Life itself will show what is needed yesterday, and what to hammer and forget.
      "the initially selected toolkit will not be effective" that's why such caution. Enough already with a running start to burn in a whirlpool. Reforms for the sake of reforms, enough, already passed. That is why such caution
    2. rotkiv04 Offline rotkiv04
      rotkiv04 (Victor) 8 November 2022 19: 51
      +3
      Quote: Siberian999
      I wonder what prevents Putin from abolishing the Central Bank by a simple Decree?

      need to swear the constitution
      1. Vladimir Orlov Offline Vladimir Orlov
        Vladimir Orlov (Vladimir) 10 November 2022 01: 37
        0
        Therefore, the appearance of this money in the consumer and financial markets, which could cause an increase in inflation, is excluded.

        What rare nonsense from an economist ...
        And why is everything started, if not for the sake of "appearance of money in the consumer market" ..? (i.e. GDP growth). "Leontief Matrix" to his journal.
        but under such a veil, devaluation can be carried out (it is understandable, there will be no other options at such a speed of "SVO", billions go into the furnace every day. That is, there is a good old bias in favor of the military-industrial complex and the good old deficit of everything else).
        The question is what to do and how quickly: to buy foreign currency and hope that the black currency market and "fartsovki" will soon appear, like in the USSR or gold ... or maybe something that is always in price, like in Cuba ..? For example, American cars of the 50s ...
    3. Yarik83 Offline Yarik83
      Yarik83 (J. Yarmosh 8-bit Music) 8 November 2022 21: 24
      +7
      The constitution written by the Americans 30 years ago on the basis of our surrender following the defeat in the Cold War, my friend.
  2. ZnahWest Offline ZnahWest
    ZnahWest (Ingvar b) 8 November 2022 18: 22
    +2
    How long will it take to prepare? Will they suffocate in the process of preparation?
  3. Pilot Offline Pilot
    Pilot (Pilot) 8 November 2022 18: 22
    +2
    Some conversations. Why was Chubais released? He hurt and stole so much that our army would be very useful now. As long as everyone is friends at the top, nothing will change.
    1. syndicalist Offline syndicalist
      syndicalist (Dimon) 9 November 2022 07: 44
      +4
      Don't worry! Of course, this figure stumbled a lot, but those who remained in Russia and at their posts stumbled hundreds of times more.
  4. Hiker Offline Hiker
    Hiker (Dmitriy) 8 November 2022 18: 26
    -16
    There are useful people who want to turn Russia into North Korea. Ie cut off from the global financial system. But the point is. that the rest of the world uses technologies that are far from Russian. And Russia has nothing to offer, that is, absolutely. The same BRICS will work not on Russian programs, but on others. And most likely American. You can cancel the Central Bank and all international communications. And what after that? Carry rubles or gold bars in suitcases?
    1. Vladimir Tuzakov (Vladimir Tuzakov) 8 November 2022 18: 52
      +10
      What are you kindly telling, the sanctions of the Russian Federation have long been cut off and irretrievably from the entire dollar financial system, and even robbed of a trillion dollars (all assets). You don’t care for your enemies, a comprehensive hybrid war against the Russian Federation, including a financial one ... Departure from the dollar system and from the SFIVT to new ones is already underway and many countries are joining this ... So gain literacy before spouting such nonsense.
    2. Vlad Burchilo Offline Vlad Burchilo
      Vlad Burchilo (Vlad) 8 November 2022 19: 18
      0
      to carry rubles in suitcases

      - won't run anymore.
      Whether we like it or not, everything is connected
    3. Vladimir1155 Offline Vladimir1155
      Vladimir1155 (Vladimir) 8 November 2022 19: 43
      +10
      Russia has a lot of value to offer on the world market, not only oil and gas, bread, which, unlike green paper, everyone needs, but also Russia has unique technologies in the field of nuclear power plants, weapons space, and a number of other key technologies, .... and programmers we also have good ones, but there are still too many western swine sang along, that they have a blind faith in everything western, they should be given to menial work in Chukotka to re-educate so that they love their homeland
    4. rotkiv04 Offline rotkiv04
      rotkiv04 (Victor) 8 November 2022 19: 56
      +1
      it's not about the Central Bank itself, it's about its functions, if this is not just another chatter from the Kremlin
  5. Alexander Popov Offline Alexander Popov
    Alexander Popov (Alexander Popov) 8 November 2022 18: 37
    +1
    The main thing is to start

    You're taking too long to start.
  6. Shamil Rasmukhambetov (Shamil Rasmukhambetov) 8 November 2022 18: 41
    -2
    Another nonsense, to distract the people, as it was a madhouse in the economy, it will be, and billions will be taken out, And you hold on.
  7. Alexey Lan Offline Alexey Lan
    Alexey Lan (Alexey Lantukh) 8 November 2022 18: 41
    +1
    Abolishing the Central Bank is like abolishing money. And you will exchange your holey socks in the marketplace for a holey pan of nature by exchange, provided that the one who has a holey pan has a need for holey socks.
  8. Vlad Burchilo Offline Vlad Burchilo
    Vlad Burchilo (Vlad) 8 November 2022 19: 05
    +6
    In fact, it has long been clear: February 24 has significantly shifted the emphasis, which was good before, now it is not so convenient and vice versa.
    When the government set a condition: new phones must contain domestic programs. They freaked out, but now it turned out that our programs are no worse than the Chinese.
    With a confident Internet, it’s also okay, but they were afraid.
    Life itself dictates what to change
  9. Alex D Online Alex D
    Alex D (Alex D) 8 November 2022 19: 25
    0
    Another talk shop. Over 30 years, trillions of dollars have been pumped out of the economy and the pockets of citizens. Who will ever answer for this?
    These are all deliberate sabotage - the power remains the same as it was the enemy. Only today this power is mostly conceptual, ideological and economic. Their task is clear - to pump out as much as possible for the Angla-Saxons. Their vocabulary is clear: optimization, pluralism of opinions, freedom of capital movement.
  10. Vladimir1155 Offline Vladimir1155
    Vladimir1155 (Vladimir) 8 November 2022 19: 37
    +3
    the idea of ​​​​breaking the liberal financial (and, in truth, comprad-like Bretton Woods) system pleases, it’s only not clear why reinvent the wheel, create a two-circuit system, then it is necessary to revive the NKVD in order to mass plant those who begin to organize the flow of funds from the circuit into their pocket .... it is necessary, among other things, to reduce taxes and simplify their administration by abolishing taxes on property and VAT and raising the MET to compensate, the income tax stimulates self-investment, but in fact it can also be canceled by raising the most fair and easily collected tax, that is, the MET .... the creation of state financing to the detriment of self-financing of enterprises will give rise to massive theft of state funds, especially if the system of obhss nkvd kru is not debugged
  11. Bakht Offline Bakht
    Bakht (Bakhtiyar) 8 November 2022 20: 47
    +1
    The double-circuit system existed in the USSR. There is a small nuance. The second circuit cannot exist under private ownership.
    Unfortunately, it is not clear from the article how exactly this system will function in real realities. The role of the Central Bank, on the contrary, should be strengthened. At the same time, large state-forming enterprises will have to come under state control. This is the basic requirement for the existence of a bypass system.

    The main law that broke the two-circuit system of the USSR and devalued the ruble was the "law on individual labor activity." I remember when economists called it "the law, etc."
    1. Suvorov Offline Suvorov
      Suvorov (Vyacheslav) 9 November 2022 01: 22
      +2
      It will be another two-circuit system, only vaguely reminiscent of the Soviet one. It will be fully integrated into the market economy. For its functioning, it is not necessary to nationalize any enterprises and introduce a monopoly on foreign trade. Its essence is that in parallel with the usual ruble, a "digital ruble" will be introduced, which will be issued for specific projects (both public and private). Why "digital" and not conventional? Because the "digital ruble" is easily tracked and there will probably be certain restrictions on its use (for example, they can settle accounts with suppliers, pay taxes, loans, but to bring it to the consumer market, it will be impossible to pay them a salary, for this they will have to take in the bank "ordinary rubles"). This is called "project finance", i.e. the use of this ruble is possible only strictly within the framework of an approved project or business plan. Moreover, the turnover of these "digital money" is easily controlled down to the "last ruble". Therefore, its use will not cause inflationary processes. At the same time, state enterprises will receive this "digital money" free of charge, and a private trader in the form of an interest-bearing loan (but he will not be able to steal, withdraw from the country, "scroll" it, a bank that does not serve him will not be able to).
      1. Bakht Offline Bakht
        Bakht (Bakhtiyar) 9 November 2022 08: 01
        +3
        Then how will the "digital ruble" differ from Stalin's "non-cash ruble"?
        Strictly speaking, after the creation of the CMEA, the country had a three-loop system. The "CMEA ruble" appeared. Mixing these contours is strictly prohibited.
        1. Mobius Offline Mobius
          Mobius 9 November 2022 08: 36
          +5
          Quote: Bakht
          Then how will the "digital ruble" differ from Stalin's "non-cash ruble"?

          Simply, someone is disgusted by the very mention of everything Soviet.
          Well, figs with them, let them think that the digital (non-cash) ruble is theirs - "democratic know-how."

          Let them call it what they want. If only it worked yes
  12. Sergey Latyshev Offline Sergey Latyshev
    Sergey Latyshev (Serge) 8 November 2022 20: 49
    0
    Another promise and noodles?
    Somehow everyone forgets that we have State capitalism, i.e. The state controls all the rules of the game.
    For example, it does not raise taxes for the rich or makes cheap export duties ....
    (and then shakes his head contritely - oh, the oligarchs for metals received super profits, and the metal in the country has risen in price terribly ....)

    And including the Central Bank, whose directorate is simply appointed and awarded by the Guarantor and Edrom
  13. calligrapher Lev_Nikolaevich (Dmitriy) 8 November 2022 21: 42
    +5
    It looks like a smooth interception of the country's control levers from world capital.
    First they made him himself took us off the needle, and now we are learning to live on our own.
    Normal move.
  14. Jacques sekavar Offline Jacques sekavar
    Jacques sekavar (Jacques Sekavar) 8 November 2022 23: 50
    -2
    In order to divide money circulation into internal and external circulation in a dual-circuit financial system, state planning and a monopoly of foreign trade are necessary, under which the Central Bank issues banknotes in cash and non-cash form, and the state sets the exchange rate relative to world banknotes and do something similar to the Soviet dual-circuit financial system today in RF is impossible in principle without changing the social system.
  15. Pavel Mokshanov_2 (Pavel Mokshanov) 9 November 2022 07: 27
    +4
    Woke up at last. We realized that money should serve Russia, and not lie in Western banks.
  16. andrey ivanov_2 Offline andrey ivanov_2
    andrey ivanov_2 (Andrey Ivanov) 9 November 2022 07: 58
    +2
    Quote: vladimir1155
    to re-educate in Chukotka

    No need to go to Chukotka - the last place where normal people stayed .......
  17. Pravodel Offline Pravodel
    Pravodel (ppp) 9 November 2022 08: 22
    +3
    A little help.
    In Soviet times, there was just a 2-loop financial system, in which one loop provided purely industrial production, the second - the consumer market. Both circuits existed as separate and did not intersect, while the first circuit existed in the form of non-cash money, the second - in cash. Money from the first circuit could not go to the second circuit. Moreover, there were banks that provided for the industry, and a savings bank that worked with the population and individuals.
    The 2-circuit financial system made it possible to create industrial potential in the 30s, thanks to which the USSR was able to win the Second World War, and after the war to restore industry without a marshal plan, ensured the abandonment of the card distribution system earlier than it was done in Europe and Britain.
    Another feature of the 2-loop financial system.
    In the USSR, any citizen could buy a thing on credit, which was automatically issued as a Sberbank loan at 0%. To make a purchase, it was enough to submit a certificate from the place of work about salary. Another thing is that in the USSR there was a general deficit, but this was a consequence of the over-dimensioning of industrial, including military production, in comparison with the production of consumer goods - group A and group B.
    In the dashing 90s, the "correct menagers" - Chubais, Gaidar and his comrades, destroyed the 2-circuit financial system. As a result, we received a complete flow of industrial money to commodity markets and consumer markets, which, as a result, led to monstrous inflation, the remnants of which are still reflected in our economy. Moreover, the elimination of the 2-loop financial system bled our industry and deprived it of the investment resource that came through the first loop of financing, and led to borrowing from the West, which, in turn, put Russian industry under the control of our sworn friends = enemies. The result of such a financial policy is the absence of XNUMX / parts, technology, part of the resources, in the direction of the currency coming from the markets not into production, but into the reserve, which can safely be stolen again by our enemies ..
  18. depavel Offline depavel
    depavel (Pavel Pavlovich) 9 November 2022 10: 18
    +2
    Promise does not mean marriage! How is it two circuit? Will you wear diapers for fear of the Fed? The banking system of Russia where, only the cartel needs lending remained! I remind you from the 5th grade, "Money is the equivalent for acquiring the necessary product." An example in Eritrea, 5-7 local cows cost one wife. The main thing is not a cent in the Fed's income. Explanation on two fingers. The country's GDP in rubles, even at the level of the fool Nabiullina, is understandable. And for a person day in goods and materials, Energy and Services, the same can be explained, the normative minimum, harmless or something else. So this is the equivalent in another country. We determine the common, second finger! For one and the exchange rate. What do we have? Wife, cows and the exchange rate, as the primary source of the world's equivalent monetary system. What about the fear of those in power? There it is without me and what and how they know better, traitors however!
    1. boriz Offline boriz
      boriz (boriz) 9 November 2022 18: 05
      -1
      Rubles with different codes. Non-cash rubles can be used to pay for the supply of raw materials and components, electricity and rent, taxes to the state, etc. They won't be able to get paid. Can't cash out.
  19. Dingo Offline Dingo
    Dingo (Victor) 9 November 2022 16: 23
    0
    I have respect for Konstantin Pavlovich - both as an economist and as a blogger.
    But there is one small "but"...

    The main thing is to start

    Who to start with? with these?...

  20. i232323b Offline i232323b
    i232323b (Igor) 10 November 2022 06: 38
    0
    Quote: rotkiv04
    Quote: Siberian999
    I wonder what prevents Putin from abolishing the Central Bank by a simple Decree?

    need to swear the constitution

    So now nothing prevents changing the constitution 3 times a day during the war .. and we see it perfectly
  21. Peace Peace. Offline Peace Peace.
    Peace Peace. (Tumar Tumar) 10 November 2022 07: 19
    0
    In Russia, if not the second, then the third, everyone is "left-handed". Just let them work and most importantly do not interfere. We will restore and raise ourselves. Not the first time.
  22. kriten Offline kriten
    kriten (Vladimir) 10 November 2022 16: 03
    0
    Did the IMF give an order to Nabibulina and she allowed the GDP to rebuild something. If yes, on her tip, wait for the next sabotage actions to slow down the development of the domestic economy. HER was removed only in the defense industry.