The Russian Economy is imploding

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Sertorio
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Re: The Russian Economy is imploding

Post by Sertorio » Mon Aug 01, 2022 7:12 am

neverfail wrote:
Mon Aug 01, 2022 4:58 am
Objecting to and opposing Putin's Ukraine policy is not being anti-Russian. The only way that ordinary Russians are culpable is that so many of them seem to willingly believe his lies.
Then why are individual Russian sportsmen or women forbidden to compete? Why are Russian films banned from film festivals? Why are Russian chess players forbidden from participating in chess tournaments? Why are there people wanting to forbid Russian people from visiting other countries? Is supporting one's institutions a sign that one agrees with all their policies? And must one be punished on account of one's opinions? Should people who voted for Biden be forbidden to travel outside the US? Or people who voted for Trump?

Persecution of people just because they are Russian is a hate crime.

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cassowary
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Re: The Russian Economy is imploding

Post by cassowary » Mon Aug 01, 2022 7:12 am

The Imp :D

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neverfail
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Re: The Russian Economy is imploding

Post by neverfail » Mon Aug 01, 2022 2:47 pm

Sertorio wrote:
Mon Aug 01, 2022 7:12 am
neverfail wrote:
Mon Aug 01, 2022 4:58 am
Objecting to and opposing Putin's Ukraine policy is not being anti-Russian. The only way that ordinary Russians are culpable is that so many of them seem to willingly believe his lies.
Then why are individual Russian sportsmen or women forbidden to compete? Why are Russian films banned from film festivals? Why are Russian chess players forbidden from participating in chess tournaments? Why are there people wanting to forbid Russian people from visiting other countries? Is supporting one's institutions a sign that one agrees with all their policies? And must one be punished on account of one's opinions? Should people who voted for Biden be forbidden to travel outside the US? Or people who voted for Trump?

Persecution of people just because they are Russian is a hate crime.
All that Putin has to do is to pull Russian forces out of Ukraine and apologise then Russian athletes and chess champions will be permitted to compete just as before. This is not a policy for all times, just a temporary wartime contingency.

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Milo
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Re: The Russian Economy is imploding

Post by Milo » Mon Aug 01, 2022 2:49 pm

neverfail wrote:
Mon Aug 01, 2022 2:47 pm
Sertorio wrote:
Mon Aug 01, 2022 7:12 am
neverfail wrote:
Mon Aug 01, 2022 4:58 am
Objecting to and opposing Putin's Ukraine policy is not being anti-Russian. The only way that ordinary Russians are culpable is that so many of them seem to willingly believe his lies.
Then why are individual Russian sportsmen or women forbidden to compete? Why are Russian films banned from film festivals? Why are Russian chess players forbidden from participating in chess tournaments? Why are there people wanting to forbid Russian people from visiting other countries? Is supporting one's institutions a sign that one agrees with all their policies? And must one be punished on account of one's opinions? Should people who voted for Biden be forbidden to travel outside the US? Or people who voted for Trump?

Persecution of people just because they are Russian is a hate crime.
All that Putin has to do is to pull Russian forces out of Ukraine and apologise then Russian athletes and chess champions will be permitted to compete just as before. This is not a policy for all times, just a temporary wartime contingency.
And must one be punished on account of one's opinions?
That's why Putin says.

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Sertorio
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Re: The Russian Economy is imploding

Post by Sertorio » Mon Aug 08, 2022 12:17 am

Western sanctions are good for Moscow
https://www.rt.com/business/560399-anti ... are-great/

The economic war unleashed by the West against Russia has backfired and may bring the country much good, former Wall Street financier Michael Hudson has told the German news outlet Junge Welt.

“The West's sanctions are great for Russia. Any country threatened by US sanctions is forced to become self-sufficient,” Hudson said in an interview published on Saturday.

He said that sanctions have effectively pushed Russia toward import-substitution, and the country is on track to becoming completely free of reliance on Western goods.

“Instead of importing German cars, Russia is turning to China to develop its own automotive industry. Russia is now moving very quickly to replace its dependence on the West for manufactured goods with its own domestic production. The only things they can't produce are Walt Disney movies and Italian handbags,” the economist said, adding that while Russia is unlikely to be able to mass produce some of the luxury items it used to import, its economy will become largely self-sufficient.

Hudson also noted that sanctions, while aimed at reducing Russia’s profits from energy exports, instead “brought additional revenue to the Russian state budget.”

“Russia is the big beneficiary of Germany’s energy embargo plans. The less gas Russia sells, the more money it makes,” he stated, referring to the skyrocketing energy prices that grow in correlation with the drop in Russia’s exports.

Sanctions targeting the Russian economy have also failed to destabilize the national currency, the ruble, and have sped up the de-dollarization process, the analyst said.

“Even before the war in Ukraine there were efforts to de-dollarize [yet] no one expected the process to start so quickly… But […] Washington has frozen all accounts in dollars and euros, so Russia had to get out of the dollar system. And this is what helped the Russian ruble. The intention behind the Western sanctions was to collapse the ruble in order to make Russian imports more expensive…

Instead, the Russian government countered and decided: If we are not paid in euros and dollars for oil, gas, titanium and aluminum, the West will have to pay in rubles. And so the ruble has appreciated in value. It is fair to say that the West has shot itself in the foot.”

Hudson noted, however, that “the biggest beneficiary” of Russia having been laden with sanctions is Washington. This is because Europe, which is heavily reliant on Russian energy, is faced with simultaneous energy and food crises, thus leaving it with little ability to pay attention to other matters.

“Basically, Washington doesn't care if Russia wins the war [in Ukraine], because the US has succeeded in eliminating its competition in Europe, especially Germany.”
Very much what I have been saying here. But I am a Kremlin stooge and Michael Hudson is a former Wall Street financier, so I hope that now you will all agree to what I have been saying... :D

[Michael Hudson (born March 14, 1939) is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. He is a contributor to The Hudson Report, a weekly economic and financial news podcast produced by Left Out.

Hudson graduated from the University of Chicago (BA, 1959) and New York University (MA, 1965, PhD, 1968) and worked as a balance of payments economist in Chase Manhattan Bank (1964–1968). He was assistant professor of economics at the New School for Social Research (1969–1972) and worked for various governmental and non-governmental organizations as an economic consultant (1980s–1990s).

He identifies himself as a classical economist.]

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neverfail
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Re: The Russian Economy is imploding

Post by neverfail » Mon Aug 08, 2022 12:59 am

...............................................................

Economic self-sufficiency always comes at a cost.

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Sertorio
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Re: The Russian Economy is imploding

Post by Sertorio » Mon Aug 08, 2022 1:44 am

neverfail wrote:
Mon Aug 08, 2022 12:59 am
...............................................................

Economic self-sufficiency always comes at a cost.
Complete self-sufficiency does not exist. But Russia will do well by becoming a lot less dependent on unreliable countries. Sanctions are helping Russia getting there.

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cassowary
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Re: The Russian Economy is imploding

Post by cassowary » Mon Aug 08, 2022 4:49 am

The track record of autarky is poverty every time.
The Imp :D

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Sertorio
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Re: The Russian Economy is imploding

Post by Sertorio » Mon Aug 08, 2022 5:23 am

cassowary wrote:
Mon Aug 08, 2022 4:49 am
The track record of autarky is poverty every time.
Why do you keep insisting on something which has no relevance to Russia becoming economically more independent?...

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SteveFoerster
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Re: The Russian Economy is imploding

Post by SteveFoerster » Mon Aug 08, 2022 6:07 am

Sertorio wrote:
Mon Aug 08, 2022 1:44 am
neverfail wrote:
Mon Aug 08, 2022 12:59 am
...............................................................

Economic self-sufficiency always comes at a cost.
Complete self-sufficiency does not exist. But Russia will do well by becoming a lot less dependent on unreliable countries. Sanctions are helping Russia getting there.
Russia is the unreliable country.

And autarky is a synonym for self-sufficiency, so if you don't see the relevance of that to self-sufficiency, well, that's on you.
Writer, technologist, educator, gadfly.
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