/ world today news/ The faction of the CPRF, headed by the irreplaceable leader Gennady Zyuganov, organized a round table in the State Duma on the subject of the banking sector in Russia
Representatives of the Central Bank were invited, in particular, four deputies of the director Elvira Nabiulina.
It so happened that the deputies sat at the table on the right side, and the representatives of the Central Bank – on the left.
The central bank boasted that it had prepared the banking system so that it was able to survive the terrible crisis. And even the decline in GDP turns out not to be what was expected. The central bank is proud that inflation has not skyrocketed and we do not carry money in suitcases and buy bread for thousands, but boots for millions.
The CPRF and the invited experts pointed out to representatives of the Bank of Russia that the country’s economy is not sufficiently financed, that the profits of the banking sector are growing and the GDP is falling. And in general, the Central Bank is not entirely right to only target inflation. It does not need to be managed by raising or lowering the prime rate. Inflation decreases when the economy grows. They pointed out to the Central Bank that Russia (since the USSR was liquidated) has been losing one position in terms of per capita income every year.
Zyuganov once again sang his song that the CPRF talks all the talk, offers great solutions for the country, walks around the offices, and everyone is deaf to the excellent proposals of the communists.
Am I not understanding, or the CPRF does not have a resource in the form of a people. Something I see mass signatures for certain laws that would fundamentally change life in the country. I don’t see rallies demanding, for example, a cut in the key interest rate and not following the IMF’s recommendations.
Then they gave the floor to the economist Valentin Katasonov, who does not get one in the federal media. But at least in the State Duma he heated up the situation.
He asked the participants of the round table what is being discussed here at all, what can be discussed at all, since the Bank of Russia is independent from the state (according to the law, our central bank has such a status).
„On the first page of the site, where there is a title about the status of the Central Bank, it is written: “The Central Bank works independently of the state”. Then excuse me, what is the conversation about? Here, at first glance, on the right side is the state, and on the left – who? You have to give yourself an answer. And we have to give an answer. I have been asking this question for 20 years since the Federal Reserve Bank Act came into existence.” the scientist wonders
„Article 75 of the Constitution. Can you explain it to me somehow? Article 75 states that the main task of the Central Bank is to protect the ruble and ensure its stability. In 2013, the new chairman of the Central Bank comes in and says, “From now on, we’re going to be in the business of targeting inflation.” Honestly, it hit me over the head. I think they could at least translate it into Russian, it’s Washington Consensus terminology,” says Katasonov.
„Isn’t it a shame? Or the understanding of the world we live in has already atrophied “- the scientist was indignant
„And who released you from maintaining a stable exchange rate?” – Fragain he rightfully addressed the representatives of the Central Bank
The scientist explained that ensuring the stability of the national currency is the solvency of the ruble in the domestic market. And the stability of the exchange rate – on the foreign market.
„Honestly, I still don’t get it. I met two deputies from “United Russia” in 2013. They said: well, probably the next day the prosecutor’s office will come and sort things out at the Central Bank. But everything went quietly.” continued to puzzle Katasonov
He meant that the Central Bank had violated the Constitution by letting the ruble float freely.
Then deputies Yevgeny Fyodorov and Anton Romanov turn to the prosecutor’s office because of the actions of the Central Bank. But they were sent to the gate: the Prosecutor’s Office stated that it was not within its competence to give a legal assessment of the decisions of the Central Bank. This is the independence of the Bank of Russia from the state, do you understand?
Meanwhile, the ruble collapsed precisely because of the Central Bank. As a result, the Russian economy suffered huge losses. As Katasonov said, Western sanctions over Crimea have nothing to do with the collapse of the ruble exchange rate.
“Do you understand? What are we talking about?! If we don’t even have a legal basis. I open the law on the Central Bank – Article Two says that the Central Bank is not responsible for the obligations of the State. The State is not responsible for the obligations of the Central Bank. So, What can you talk about? Anyone can be invited to the State Duma. There can be bandits to negotiate with. I want to know with whom are we having a dialogue today?
Katasonov noted that without a “legal basis” the discussion “turns into a mere tick”. Oh yes, how right he is! Just how these “marks” have been placed for 30 years. Madness.
„I turn first of all to the right side of the table. Since these are MPs, they have to decide political issues, issues of power. The central bank is the power. This is a power that is not specified in the Constitution of the Russian Federation”. said the scientist.
That is, it is necessary to change the status of the Central Bank so that it becomes part of the state. Abolition of the norm according to which the Central Bank, MPs, Senators, Government are obliged to obey the special agencies of the UN, such as the IMF.
Here, the Communist Party “bites” the Central Bank for being a “friend” of the US Federal Reserve, but for some reason they don’t impose the same low prime rate as in the US. But here’s a problem. Nina, the same deputies do not accept the laws recommended by the IMF, for example, the pension reform. They themselves admit that they were imposed by the IMF. According to the Constitution, all authorities are obliged to comply with such recommendations.
But Katasonov is right when he addresses the deputies. They can change this situation once they have the support of the people. After all, they are the people’s choice. But they won’t do anything. There are few who speak openly about the status of Russia and its foreign governance. MPs lobby for the interests of the oligarchs who finance them. Elections are huge sums of money. Colossal funds at the disposal of the oligarchs are spent on promoting the “choice of the people”. And all the oligarchs are connected to the US. It is the states that, after the liquidation of the USSR, appointed their oligarchs to rule the country.
Translation: V. Sergeev
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