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re: Update pg 23: Russia,IMO, will default on its sovereign debt within six months
Posted on 12/16/14 at 9:26 am to BennyAndTheInkJets
Posted on 12/16/14 at 9:26 am to BennyAndTheInkJets
quote:What schism? The CBR's Governor, akin to our Fed Chairman, was appointed by Putin.
The schism between Putin and the central bank will have to be handled
One article I read this morning said she got Putin's permission to raise the CBR's rate last night before she announced the increase.
The issue is people who grew up thinking a government command economy works the way the government orders it to are still in charge of Russia.
The concept of 'real' market forces eludes them completely.
_________________________________
Fwiw, I am starting to read stories in the media that Russia defaulting on its sovereign debt is no longer out of the question.
The thinking is coming around to what I've said when I started this thread: Russia's "massive" hard currency reserves may be an illusion. Russia is now reportedly selling some of its gold to raise dollars to support the ruble. Why would they be selling their gold reserves if the CBR actually owns a huge amount of dollars?
4
Posted on 12/16/14 at 9:34 am to LSURussian
quote:
What schism? The CBR's Governor, akin to our Fed Chairman, was appointed by Putin.
One article I read this morning said she got Putin's permission to raise the CBR's rate last night before she announced the increase.
The issue is people who grew up thinking a government command economy works the way the government orders it to are still in charge of Russia.
The concept of 'real' market forces eludes them completely.
_________________________________
Fwiw, I am starting to read stories in the media that Russia defaulting on its sovereign debt is no longer out of the question.
The thinking is coming around to what I've said when I started this thread: Russia's "massive" hard currency reserves may be an illusion. Russia is now reportedly selling some of its gold to raise dollars to support the ruble. Why would they be selling their gold reserves if the CBR actually owns a huge amount of dollars?
Nothing in that quote is wrong, yet you seem to have accrued a stalker that downvoted it.
Posted on 12/16/14 at 10:27 am to LSURussian
Posted on 12/16/14 at 10:55 am to LSURussian
quote:1234567vfl agrees
Russia is now reportedly selling some of its gold to raise dollars to support the ruble. Why would they be selling their gold reserves if the CBR actually owns a huge amount of dollars?
Posted on 12/16/14 at 11:16 am to LSURussian
quote:
What schism? The CBR's Governor, akin to our Fed Chairman, was appointed by Putin.
Just because someone is appointed doesn't guard them from the inevitable criticism that comes when crisis happens.
I use the term "Putin" broadly to include his party members. There have been grumblings about this for a little bit but the only new story I've ever found about it is here, albeit not a great source. No, Fyodorov =/= Putin but Russia is one of the few countries where you can feel comfortable that party member's statements will generally not be against the party leader. Or that will be one of the last time you see that party member have a public statement for a while.
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