Valentin Katasonov: “You need to fight the crisis with your fist, but we have the fingers "spreaded wide"Analytics
Russia needs a fundamental reform of the banking system, and the first thing to do is to abandon private commercial banks. So the doctor of economic sciences Valentin Katasonov considers.
On the air of the YouTube channel "Spets", he said that the support measures that the Russian government proposed were "pointers" that are not listened to well, and just some lotions, not a serious medicine.
“All this looks like a PR campaign. They apparently think that the more measures they name, the more spectacular it will be. But if you look deeply, then, for example, there are almost no direct cash subsidies. Deferred tax payments were more or less sorted out, but they did not give any deferral of VAT.
When the deferral is generally over, the taxpayers will immediately fall upon the taxpayers. And although now we are assured that it will be distributed in time throughout the year, I do not believe in it.
All these measures are just like some lotions that give us instead of an effective serious medicine.
With a credit vacation, an interesting thing happened. This means that on March 25, the president, in his address to the people, first entered the territory that he had not visited within 20 years of his rule. He entered the territory of the banking sector, the Central Bank.
This moment I recorded very much. And immediately began to monitor the Central Bank. And he noticed that at the same time, the Central Bank began to post some kind of press releases. In particular, on the activities of commercial banks in quarantine. And there were no changes in the procedure for calculating interest and paying off debt in the instructions.
In fact, a situation arose when it was necessary to figure out who the owner was, in fact, in the house. This happened for the first time.
The second time Mishustin dared to take such a step: he also said something about the credit holidays. And they didn’t answer at all. Everything was somehow lowered on the brakes, trimmed, and as a result of the credit holidays there were horns and legs.
There was another attempt to do something - under the name of interest-free loans for the payment of salaries for the quarantine month. Allocated several hundred billion rubles. A very serious amount. The Central Bank said that we will issue loans to commercial banks. But even the new Minister of Economic Development Maxim Reshetnikov decided to ask how commercial banks themselves would react to all these applications for interest-free loans to pay wage obligations.
In general, all this meant "a turn from the gate." Our authorities cannot understand in any way what is entering foreign territory, where their laws apply.
To date, the situation is this: a furious number of applications were submitted, and a few percent were satisfied. Banks can also be understood. Well, they say, let's give an interest-free loan and work for one commission, but where is the guarantee that we will get back the principal amount of the debt?
But all this is a separate conversation, another song. According to my data and feelings, in three months a banking crisis will occur. Therefore, of course, banks are pushing themselves in every way from what the president and prime minister are offering.
In general, in order to deal with the crisis, one fist is needed, and everything happens in our country with a bat.
What is happening now in the USA is very instructive and indicative. As you know, there are two institutions of monetary power - the Federal Reserve System, a private corporation, and the Federal Treasury or the Ministry of Finance.
At the end of March, they announced that they would inject $ 6 trillion into the American economy. This is 30% of US GDP, which is much more than the entire annual GDP of Russia.
But the most interesting is that these institutions are working in a clear tandem for the first time!
We are witnessing a new scheme. These structures understand that we must save ourselves and we must save others. Therefore, they integrated, consolidated and are now in each other's arms.
The headlines in the American media have already gone around: “Nationalization of the Federal Reserve System,” “Privatization of the US Treasury,” and so on.
In fact, there is a third participant - BlackRock, this is the world's largest financial holding. He put on the management of new companies that will receive money from the budget for capitalization, and loans from the Fed. $ 1 will be allocated from the budget, and $ 10 from the Fed. This is how they will flood the American economy.
I am not saying this is good. On the contrary. A very paradoxical situation arises. Companies will pick up junk paper and after some time will be on the verge of bankruptcy. Naturally, the Treasury will come to their aid. And it will not count money, because it will borrow it from the Fed.
There is a vicious circle of virtual money. But sooner or later it will end badly, because someday it will be necessary to leave this virtual world. But now they really feel comfortable.
And it’s not at all that we need to follow this bad example. The thing is different: despite many years of conflict and tension between these institutions of monetary power, they are now integrated.
We need to integrate constructively. But none of this happens. This is clearly seen in the context of the signs given by the country's leadership.
The conclusion is simple: a fundamental reform of our banking system is needed. And the first thing to do is to abandon private commercial banks.
The fact is that banking is the issue of money. And this is a holy cause, since it is the prerogative of the state. Known truth.
In general, the coronavirus made us think about what kind of economic madhouse we live in.
Alas, our leaders do not understand this, they are confused. They do not understand how the monetary sector should work.
Our Central Bank is a branch of the Fed. It is almost like a US military base. And it’s useless to give directions. They have there, I would say so, their interests and their superiors. "Coronavirus hype is an occasion to reflect on where we are and how we can get out of this impasse."