'..Russia’s Central Bank .. comparing the bank’s staff to Hjalmar Schacht, who served as president of the Reichsbank in Adolf Hitler’s government.''..Sonin warned Yudaeva that staying with Russia’s Central Bank is tantamount to supporting the invasion of Ukraine. The bank’s currency-transaction controls (later softened gradually but not lifted entirely) and other wartime interventions exist only to further Russia’s military campaign, not to help ordinary people, Sonin argued. “They’re working for the war,” he told her, comparing the bank’s staff to Hjalmar Schacht, who served as president of the Reichsbank in Adolf Hitler’s government.
“Here in the Central Bank, there’s a lot of interest in Schacht,” Yudaeva confided in Sonin (he told Meduza)..
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None of these measures, however, are enough to save the Russian economy in the long run. As Elvira Nabiullina puts it, the nation’s hopes lie in “structural transformation.” .. Morozov warned, “The structural transformation of the Russian economy in the face of sustained external restrictions will come with technological regression across multiple industries.” Within a few years, Russia will begin to experience “reverse industrialization” as “less advanced technologies” begin to drive industrial development, leading to less modern, more expensive products and less efficient, environmentally dirtier production.
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..The federal budget in April alone was in deficit, and the government’s dependence on oil and gas revenues rises as revenues from non-hydrocarbon industries collapse. (In the past year, oil and gas money went from 36 percent of federal budget revenues to 63 percent.) The growing reliance on such exports means restrictions imposed by Russia’s biggest fuel importers in Europe will hurt even more.'
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The banker’s dilemma, July 7, 2022
Context'..training reinforcements away from the threat of Russian attacks is critical to the country’s war effort.' -
Ukrainian soldiers arrive in UK for training with British forces, July 9, 2022
(Complete withdrawal from Ukraine (Crimea and the Donbas) - 'Can the Ukrainians win? Yes..' - 'It was never about NATO..'We Should Say It. Russia Is Fascist - 'The Russian Federation promotes the extreme right everywhere.' - 'Bankrupt Putin & his regime. Give Ukraine what it needs to win.'