Karnaukhov sk. The President of the Russian Federation is in charge of the activities of the Investigative Committee

Central bank Russian Federation from the date of its establishment on July 13, 1990, to the present, it has been a non-state commercial structure, accountable to the State Duma of the Russian Federation and headed by the Board of Directors and the National Banking Council. According to Article 22 of the Law "On the Central Bank of the Russian Federation":

The Bank of Russia is not entitled to provide loans to the Government of the Russian Federation to finance the federal budget deficit... The Bank of Russia is not entitled to provide loans to finance government budget deficits. off-budget funds, budgets of subjects of the Russian Federation and local budgets.
With the fall in oil prices and the formation of a budget deficit of the Russian Federation, the Central Bank will not finance the lack of funds in the budget to pay pensions, salaries budget organizations(law enforcement agencies, the Ministry of Defense, Health, Education, and so on), the implementation of state targeted programs and other expenses. The government will have to turn to the International Monetary Fund - private organization American and British bankers to obtain a loan for the implementation of budgetary appropriations. All funds accumulated in the accounts Central Bank Russia - gold and foreign exchange reserves in the amount of 524.5 billion dollars cannot be used to stabilize the economy of the Russian Federation, according to Article 22. Created by B.N. Yeltsin, the Central Bank of Russia, as a private banking organization, exists solely as a branch of the US Federal Reserve System, again private banking organization Rothschilds and Rockefellers. The circle is closed, the Central Bank of Russia belongs to the Rothschild clan and is completely dependent on their decisions. Why?
Article 75 of the Constitution of the Russian Federation states:
Money emission is carried out exclusively by the Central Bank of the Russian Federation. Protecting and ensuring the stability of the ruble is the main function of the Central Bank of the Russian Federation, which it performs independently of other bodies state power.
In a word, printing and the number of printed rubles is the exclusive prerogative of the Central Bank of Russia, this function of the bank - an independent commercial structure cannot be influenced by any state authority, such as the president or prime minister of the Russian Federation. To whom is the Central Bank of Russia subordinate? First of all, one must understand that the number of printed rubles is directly dependent on the receipt of petrodollars in the accounts of the Central Bank. If the price of oil exceeds the level set by the Ministry of Finance, then the Central Bank of Russia will print rubles for this difference and put them into circulation, acting as a currency exchange office USA. The oil sold by Russia is settled in US dollars, the exchange rate of the ruble against the dollar is set by the Central Bank, and the size of this exchange rate depends on the amount of inflation, which the Central Bank of the Russian Federation corrects by constantly strengthening the ruble against the US dollar. It is curious that inflation in Russia over the past decade has averaged 10% per year according to official statistics, the ruble exchange rate in 2001 averaged 29.4, today it is 27.6. It turns out that in 10 years the dollar should have cost at least 58 rubles, and according to the ratio exchange rates dollar depreciated by 100 - 6.2 = 93.8%? But this is not so, the depreciation of the dollar by 6.2% over ten years is exactly in line with the expected inflationary process in the United States. This monetarist policy of the Russian government and the Central Bank prompts some reflections.
Firstly, the fight against inflation by maintaining a stable exchange rate of the ruble led to the non-competitiveness of domestic producers, the actual destruction of agriculture and industry. Orientation of the Central Bank of Russia to the expensive ruble led to high rate refinancing, established by the Central Bank, in the amount of 8.25%. Economists argue that at a refinancing rate above 5%, the industry ceases to make a profit and self-liquidates, which happened in Russia. Domestic banks and enterprises are forced to take loans in the West, since it is pointless to lend at 15-20% per annum. From here total debt domestic entrepreneurs amounted to $533 billion in 2011, while the accounts of the Central Bank contain gold - foreign exchange reserves in the amount of $525 billion, but the Central Bank of the Russian Federation does not have the right to lend from these funds to a domestic entrepreneur, since these funds are invested in debentures USA.
Secondly, the volume of the ruble issue in Russia does not exceed a certain level set by the Central Bank of Russia, as the difference between the base rate of the oil price and the profit from the sale of oil at world prices. Multiplying this difference by the exchange rate of the ruble against the dollar, the Central Bank of the Russian Federation receives a certain money supply, which does not take into account many macroeconomic indicators within the country. But the rules of the game are set and everyone is obliged to strictly comply with this monetarist law established by the United States for Russia. At the same time disappeared somewhere base rate oil prices, which is quite an impressive amount, more than the entire issue of rubles, as well as funds from the sale of other minerals and energy resources. This money almost completely disappears in Western banks and offshore, with the exception of export duties and meager taxes.

Thus, the President and the Prime Minister of the Russian Federation have a part of the funds from the sale of oil, and at a fixed undervalued ruble-dollar rate, export duties and taxes. It's all! Rest cash evaporated in an "unknown" direction. It's also funny that the Reserve Fund of the Russian Federation, in the amount of $ 26 billion, is on the accounts of the private Central Bank of Russia, and the Fund's funds are also located there. national welfare in the amount of 90.9 billion dollars, placed at 6.25% per annum. This is just a mockery of the Russian people, because even the refinancing rate of the Central Bank of the Russian Federation is 8.25% per annum. It turns out that 2% is a fee to the Board of Directors and the National Banking Council for conducting a banking operation? It turns out that S. M. Ignatiev, as chairman of the Board of Directors, and A. L. Kudrin, as chairman of the NBS, divided the amount of 2.34 billion dollars, and they have been doing this every year since 2008.
Another incomprehensible case with missing funds Reserve Fund Russian Federation, which were owned by the Central Bank of Russia. In 2008, the accounts of the Central Bank of Russia of the Reserve Fund accounted for 130 billion dollars, in 2010 there were only 26 billion of them left, and 104 billion dollars were spent in a year and a half. At the same time, gold - foreign exchange reserves of the Central Bank of Russia increased over the same period from 453.5 to 524.5 billion dollars, that is, by 71 billion dollars. Alexey Leonidovich Kudrin, it is quite possible that $33 billion was spent on increasing the capitalization of banks and social sphere, but how did it happen that 71 billion went not to restore the economy, but migrated to the accounts of the private commercial Central Bank of Russia and became unavailable to the government of the Russian Federation?
The highest level of corruption and financial crimes is not in the government and not among officials, but in a private commercial bank called the Central Bank of the Russian Federation.
The history of this monstrous crime, under the code “Operation Central Bank of Russia,” began back in 1989, when B.N. Yeltsin visited the United States, where he “accidentally” met with George W. at the Rockefeller Club in Manhattan. Then this traitor and "agent of influence" of the Western intelligence services received not only the "go-ahead" for his criminal activities, but also for the transfer of all Russian finances under the control of the United States. Already at the beginning of the next 1990, the Central Bank of the RSFSR (Russia) was created, the charter of which was written off from the US Federal Reserve, and at the same time B.N. Yeltsin and M.S. Banque Privee Edmond de Rothschild, branch of the Rothschild bank in Switzerland.
The KGB of the USSR opposed such a treacherous course of affairs by arranging an unsuccessful assassination attempt on B.N. After a hard landing with the landing gear retracted, B.N. Yeltsin had a crushed vertebra, and almost complete paralysis occurred. Spanish doctors did the impossible - they put B.N. Yeltsin on his feet. The second assassination attempt on B.N. Yeltsin took place six months later in Moscow, when a VAZ-2102 crashed into the door of a GAZ-3102, delivering an accurate blow to the passenger door. The bent stance hit B.N. Yeltsin hard on the head, but he again escaped. The August coup of 1991 played into the hands of the American masters of B.N. Yeltsin, a “quiet” Zionist coup was completed in the country and the Central Bank of the USSR became the Central Bank of Russia. The Rothschilds got access to printing money - rubles, gold - foreign exchange reserves and everything economic entities Russia.
Meyer-Amschel Rothschild wrote:
“Give me control over the issue of money in the state, and I do not care who writes its laws.
This formula continues to work in Russia. The Central Bank of the Russian Federation is not joint stock bank, the chairman of the Central Bank of the Russian Federation is appointed by the State Duma, the National Banking Council, headed by the Minister of Finance of the Russian Federation A.L. Kudrin, includes several deputies of the State Duma, officials of the government and the presidential administration. The Central Bank of the Russian Federation is not liable for the debts of the state, just as the state is not liable for the debts of the Central Bank. So what is the Central Bank of the Russian Federation, who manages it, and therefore Russia? A.L.Kudrin, V.V.Putin, D.A.Medvedev or maybe S.M.Ignatiev? No, this is out of the question, since the Central Bank of Russia was created by B.N. Yeltsin not for himself, not for his future successors - V.V. Putin and D.A. Medvedev, but for his overseas customers - the owners of the world banking system- the Rothschild, Rockefeller, Morgan and Schiff clans. Since 1990, this octopus has been pumping all the economic juices out of Russia, leaving our rulers - "agents of influence" 2% of the amount of the treacherously stolen wealth of the Russian people. At the same time, the levers of influence on our ruling elite are contained not only in their foreign accounts, but also in the US ownership of our printing press, our Central Bank.
Let us recall the recent past - the beginning of the 90s, when the money supply was artificially reduced in the country through the efforts of E.T. Gaidar and his American advisers, which made it impossible to work industrial enterprises which, as a result, were forced to switch to barter services for manufactured products, and prices increased monthly. Under such conditions, the collapse of industry and agriculture was ensured, as a result of which millions of our fellow citizens found themselves on the street, forced to seek salvation in trade. As a result, Western banks bought industrial and extractive industries for next to nothing, and our people were made poor. The 1998 default revived the industry and Agriculture but ruined trade. The domestic manufacturer began to displace imported goods from our market, Russian entrepreneurship revived. But since that time, one question has arisen - why, with a stable exchange rate of the ruble against the dollar, saturation with goods and services, as well as a low money supply, does monthly inflation occur in the country? There is only one answer - the same process is taking place that took place in the early 90s of the last century - the growth of capital of foreign banks and the impoverishment of our people.
What will happen to our financial system if the ruble issue linked to petrodollars decreases significantly as a result of the fall in the price of oil? Either the Central Bank, on the orders of its American owners, will reduce the number of rubles, forcing the Russian government to reduce social programs, close many wholesale and retail stop paying pensions and benefits. Or devalue the ruble, which is most likely to withdraw the currency from exchange offices and accelerate inflation to astronomical proportions. The policy pursued by the Central Bank over the past 12 years was aimed precisely at such a scenario, otherwise there is simply nothing to explain the manic persistence in maintaining a fixed ruble exchange rate. However, Article 75 of the Constitution of the Russian Federation speaks of the Central Bank maintaining the stability of the ruble, but if such stability is the only activity of the Central Bank of the Russian Federation, then this can be regarded as a betrayal of Russia's interests in favor of the International Monetary Fund - a private "shop" of private banks, a club of economic interests banking clan Rothschild. All activities of the Central Bank of Russia are aimed at supporting the US dollar and the purchasing power of American households.
When the American financial pyramid bursts at the seams, then the seams will begin to be patched by America's world vassals. Since the beginning of 2011, the Arab revolutions are a good confirmation of this process, especially the civil war in Libya. World instability brings income to Rothschild and Russia in these global games next. A financial crisis in our country can be started at any time, because all the mechanisms for this are in the hands of the world behind the scenes, and our ruling elite is just a tool to carry out a diabolical plan. There is no point in guessing who will be the next president in Russia, since the mechanism of financial catastrophe in our country has already been launched and at any moment a real catastrophe can break out, which will certainly acquire nationalist overtones and street clashes. In fairness, it must be said that this version of events was also developed and is being implemented by American political strategists, our rulers do not play any role here, they are mere performers.
Thomas Jefferson, one of the founding fathers of the United States, wrote:
If the American people ever allow private banks to control the issuance of dollars, first through inflation and then deflation, the banks and corporations that grow up around such a Central Bank will take property from people until their children wake up homeless on the land that their fathers conquered.
The Russian people and Russia, through the betrayal of B.N. Yeltsin and M.S. Gorbachev, found themselves in the economic bondage of the Rothschild financial kahal, who not only print rubles and carry out monetary policy in Russia through the Central Bank and corrupt politicians. But they also predict devastation and economic collapse for us, so that through cunning machinations and clashes of the human masses on nationalist soil, divide Russia into parts, destroying and enslaving the Great Country and the Great People. But we, the Russian people, must rally together and, in the face of the impending danger, clearly understand and realize the outgoing danger. If we are together, if we understand the mechanisms of the treacherous plan to divide Russia, then we will become a mortal danger for all traitors and enemies of Russia and the Russian people.

Increasingly, there are reports of the Bank for International Settlements, which is considered by many to be the world's premier bank.

“The most exclusive club in the world has 18 members. They meet every month on Sunday evenings at 7 o'clock in the conference room E in a round tower building with tinted windows overlooking Basel's central railway station, writes English writer and journalist Adam Lebor. - Their discussion lasts for an hour, perhaps an hour and a half. The meeting ends, the assistants leave, and the rest stay for dinner in the dining room on the 18th floor, reasonably confident that the food and wine will be excellent. It is at dinner, which lasts until 11 pm, that the real work happens. ” And this work consists in the fact that decisions are made there on what will happen to world finances next month, and moreover, what will happen to them in general.

It is quite difficult to become a member of this unique club. It is necessary that the president or prime minister, in agreement with his finance minister and the leading bankers of the advanced economy, introduce your candidacy to parliament, which should give you membership in this Basel club. Namely, you must be approved by the chairman of the central bank of the state. This club has a rather modest name - the Bank for International Settlements, or BIS. It consists exclusively of the heads of the central banks of developed economies. Often, chief bankers from other countries are invited to its meetings, but they are forced to either sit silently at meetings or crowd around at dinners, coffee breaks and random briefings, catching information in the corridors and almost in the toilets. As compensation, one of the leaders of the club - formal or informal, and there are some - will explain to you what's what, in one of the offices. It seems that Russia was allowed to the upper floors only in 1996, but only one person in the country can know for sure - Elvira Sapkhizadovna Nabiullina.

“As for the structure of relations between the Central Bank of Russia and the BIS, little is known about them. The structure is secret - shares secrets head of the Russian economic society Valentin Katasonov.- And, as far as it is known from unofficial sources, at least once a month the chairman of the Central Bank attends meetings there. I don’t know which deputy chairman is in charge of this area, but someone is in charge. I must say that Russia is actively using the BIS, probably, part of our gold and foreign exchange reserves is located on deposits. It is very likely that we have some kind of gold ties there, as the BIS is very active in gold trading and there is gold on the balance sheet of the BIS. The structure is closed.

Discussions, some central bankers say, should be confidential. “When you are in such an important position, at times you can feel quite lonely. It is useful to be able to meet with other leaders and say: "Here is my problem, what do you do in such cases?" - recalls sir Mervyn King, former governor of the Bank of England. “Having the opportunity to talk informally and openly about our experiences is incredibly valuable. We do not speak in a public forum. We can say what we really think and assume, and we can ask questions and get feedback from others.”

The management of the BIS is trying to provide a friendly atmosphere throughout the weekend, and it seems to be succeeding. The bank rents a fleet of limousines to meet the managers at the Zurich airport and take them to Basel. Separate breakfasts, lunches and dinners are organized for the governors of the national banks, who supervise state economies of various types and scales, so that no one feels left out.

Indeed, how sweet, beautiful, dignified and, probably, very useful - you might think at first. Professionals should communicate with their colleagues. But upon mature reflection, the question arises: why is it so secret, why there are never detailed reports and detailed press conferences, but only dry, meaningless briefings, and even then not every time? Even the list of invitees is kept secret - which is cooler than in the Bilderberg club, where at least the list of participants and the agenda are known. And most importantly, all Central Banks are required to guard their currency and economy. But doesn't it work the other way around? After all, the well-known standards international reporting or, for example, a minimum capitalization of banks of 8% of risk-weighted assets when lending has been developed and approved here. And why did none of the chairmen of the Central Bank of Russia ever tell from the rostrum of the State Duma what the conversation was about in Basel this time? We don't need to know this.

In the early 90s, during the formation of state institutions in Russia, which no one dares to call “new”, it was actively said that according to all international standards main bank countries should be as independent as possible from the head of state, parliament and even the government. They say it's better for monetary system- it seems like the Central Bank is on guard people's money from greedy politicians who are ready to spend every last penny to please the promises given to voters. TO the same The Bank of Russia needs to fight inflation - this is one of its main purposes. So what is the dependency? So it was prescribed in all legislative acts. Now we are no worse than our neighbors. Yes, and the head of the Central Bank periodically speaks in parliament and visits the president. But all claims or proposals not only of deputies, but also of ministers are ignored - and this is with all the chairmen of the Central Bank, no matter who he or she is. In this sense, the transformation of Ms. Nabiullina turned out to be especially interesting.

What are the main claims against Elvira Nabiullina? Expert magazine calculated that there are three of them:
1) excessive strengthening of the ruble exchange rate;
2) artificial preservation of expensive credit;
3) lack of money in the economy.

And he drew a fascinating parallel between the words of Elvira Sapkhizadovna when she was the Minister of Economy and the deeds of the chairman of the Central Bank. As they say in Odessa, these are two big differences. She once said: “Now a bank that issues a long-term loan sharply increases the risk of its stability. The economy needs long-term loans, and banks can only rely on short-term liabilities. In such a situation, the implementation of large projects in the economy is virtually impossible.” But when she became the head of the Central Bank, the impossible became quite possible. And it is precisely the policy opposite to those old statements of Minister Nabiullina that the BIS is now pursuing.

“National reserves owned by central banks are public money, the property of countries,” Adam Lebor expresses one of the main thoughts. ― Discussions of leading bankers in the BIS, the information they share, the actions they take economic policy, the opinions they exchange and the subsequent decisions they make are purely political in nature. Governors of the Central Banks, whose independence is protected by the constitution, control monetary policy in the developed world. They control the amount of money in circulation in national economies. They set interest rates thus determining the value of our savings and investments. They decide whether to focus on austerity or growth. Their decisions shape our lives. The BIS's tradition of secrecy has been maintained for decades." And the BIS has something to hide, and it does it carefully.

The most shameful page is active cooperation with Hitler. “The main place in the financial relations of fascist Germany with many countries of the world was occupied by the Bank for International Settlements (BIS) in Basel,” writes Igor Mikhailov in Literaturnaya Gazeta. - When Hitler began to realize his plans and carried out the Anschluss of Austria in 1938, the gold of this country immediately ended up in the safes of the BIS. After the occupation of Czechoslovakia, the gold reserves also had to be there, but by agreement with Great Britain (!) Was during the war in an English bank. According to the logic of financial magnates, war is not a hindrance to banking business. Gold from the Nazi concentration camps, melted down into gold bars, settled in the German safes of the BIS. This bank successfully operates in Basel to this day. It was he who served as a kind of model for the creation of the International Monetary Fund in 1944. staff members BIS from Germany, Great Britain and the USA got along well with each other during the war - after all, it was somewhere out there, some other people were killed, but not the elite financial world. These facts are well known, but now they are very successfully hushed up.

“But we don’t have any sensible publications on the BIS, the BIS mass media also don’t favor it,” says Valentin Katasonov. - By the way, last year, when the 70th anniversary of the Bretton Woods conference was celebrated, I recalled that a resolution was adopted to eliminate the BIS as an active accomplice of the Third Reich, but this decision was not executed. So the Basel Bank continues to exist. In general, I think that in terms of influence it outweighs the International Monetary Fund. Especially in the current situation, when the IMF is going through a serious crisis. And the IMF coordinates all key issues with the BIS.” Still not to coordinate, and moreover, in such wonderful conditions.

“Central bankers are more at ease and at ease with their fellow bankers than they are with their own governments,” Adam Lebor recalls Paul Volcker, the former chairman of the US Federal Reserve, visiting the Basel weekend. The excellent quality of the food and wines ensured a camaraderie, said Peter Akos Bod, former manager National Bank Hungary: “The main topics of discussion were the quality of the wine and the stupidity of the finance ministers. If you don't know wine, you can't join the conversation." And the conversation is usually stimulating and enjoyable, central bankers say.

All chairmen attending the two-day meeting are guaranteed the utmost confidentiality, secrecy and the highest levels security. Meetings take place on several floors, which are usually used only when managers are present. Managers are provided with a dedicated office, the necessary support staff and a secretariat. The Swiss authorities have no jurisdiction over the headquarters of the BIS. Established by international agreement and henceforth protected by the 1987 Headquarters Agreement with the Swiss government, the BIS enjoys the same privileges as were accorded to the headquarters of the United Nations and the International Monetary Fund (IMF), as well as diplomatic missions. missions. The Swiss authorities need permission from the BIS management to enter the bank's buildings, which have the status of inviolability. The BIS has the right to transmit encrypted messages, as well as send and receive correspondence in bags that are under the same protection as diplomatic bags, that is, they cannot be opened. The BIS is exempt from Swiss taxes, its assets are protected from civil suits under Swiss law and can never be confiscated. BIS strictly guards banking secrecy, Adam Lebor confesses. The bank does not like to shine at all.

“If you look at the statistics of publications, then there are two or three orders of magnitude less publications for the BIS than for the IMF. A completely non-public organization. About like Bilderbergs, ”says Valentin Katasonov.

Many are interested and have some understanding of the global economy and the financial crisis. And only a few of them have heard of the BIS. It was strange, says Adam Lebor, because the BIS is the most important bank in the world and predates both the IMF and the World Bank. For decades, it has been at the center of a global web of finance, power, and hidden global influence. The BIS was founded in 1930. For appearances, it was created as part of Young's plan to manage German reparation payments for the First World War.

Key figures in the creation of the bank were Montagu Norman, governor of the Bank of England, and Hjalmar Schacht, president of the Reichsbank, who called the BIS "his" bank. The founding members of the BIS were the central banks of Britain, France, Germany, Italy, Belgium and a consortium of Japanese banks. Shares were also offered to the Federal Reserve, but the United States, suspicious of anything that might infringe on its national sovereignty, declined the offer. Instead, the shares were purchased by a consortium of commercial banks: J.P. Morgan, First National Bank of New York, and First National Bank of Chicago. The true purpose of the BIS was written in its charter: "to promote cooperation among central banks and to provide additional favorable conditions for international financial transactions". It was the culmination of a long-term dream of big bankers: to have their own own bank- influential, independent and free from the interference of politicians and overly curious journalists.

“It seems that central bankers are now more powerful than politicians,” writes The Economist, “and the fate of the world economy is in their hands.” How did it happen? Much of the responsibility for this can be placed on the BIS, the most secret financial institution in the world. From the first day of its existence, the BIS has devoted its activities to promoting the interests of central banks and building a new architecture for transnational finance. In doing so, he has spawned a new class of tightly knit global technocrats whose staff fluctuate between high-paying positions at the BIS, the IMF, and central and commercial banks.”

“Since the Central Bank is not part of the Russian financial system, it is part of another system, the one where the BIS is the main one. That is why it turns out to be central for Russia as well,” concludes Maxim Kalashnikov, member of the Fed Council of the Delo party.

Andrey Makson

Who owns the Central Bank?

After the publication of materials proving a private nature, a similar question about the Central Bank of Russia quite often arises. Who owns the Russian printing press? Really?

When studying the law on the Central Bank, in which this question, although it has a trivial answer, no clear understanding of the situation arises. Other questions arise. The main one of which is: do we even have such a state body - the Central Bank? Some commercial Bank Of course, we have a “Central Bank”, and it can even print rubles, but its functions are somewhat different from those that are usually attributed to the central banks of independent states.

But first, back to the main question. Yes, the authorized capital and property of the bank are federal property ... The law on, it would seem, makes it clear everything about the ownership of the Central Bank. In addition, the Duma appoints the Chairman of the Bank and members of the Board of Directors on behalf of the President. And here it's okay.

What is worrying?

And practically the same independence from the Government of the Russian Federation, which the Fed has. Rather, an inverse relationship can be traced - the Government of the Russian Federation depends in its activities on the policy of the Central Bank of the Russian Federation. The law is clearly copied from similar legislation under the Fed, with some important exceptions, which I will discuss later.

Now let's pay attention to the phrase immediately after the establishment of ownership of the property: the state is not liable for the obligations of the bank, the bank - for the obligations of the state ...

What is it like? The property belongs to the state and the state cannot answer for its obligations with this property? In other words, the state can become bankrupt even with a huge.

ZVR is untouchable! There are gold reserves, but not about our honor. That's what this article is about. Well, about property, building, furniture - these are trifles. They belong to the state, calm down. Charter capital in the amount of 3 billion rubles - too. When it comes to hundreds of billions of dollars, such amounts are not taken into account.

So, we can state that the law on the Central Bank is contradictory in its essence. Formally being federal property, the Central Bank, however, does not bear any obligations in relation to the state ...

You can, of course, disobey the decisions of the Strasbourg courts and use the gold reserves in accordance with the first sentence of the second article of the law, however... The gold reserves are not in the Central Bank. Dollars and other currencies received for trading in oil and gas are not imported. At least not in that amount. And rightly so. Echelons would have to carry ...

First, we note that there is no point in such an amount of cash at all. This money is the numbers in the banking computer, that is, "clearing". And on what computer? What bank? Our Central Bank? Very doubtful. Their presence in the accounts of the Central Bank should be somehow reflected in the international financial system. Who will just believe our Central Bank that he has these 289 billion dollars (as of December 13, 2006)? This means that somewhere in the west they have the Main Banking Computer, where information is stored that the Central Bank of the Russian Federation does have this money. Actually, such information is the gold reserves in question, and the IMF also manages the computer - two real financial structures The World Government, the existence of which, for some reason, many cannot recognize.

Secondly, gold reserves do not even represent money. The Central Bank of the Russian Federation transferred the main part of the gold reserves into "securities" of the United States, more precisely, into bonds of a loan from the US government, which almost defaulted on these very securities back in March of this year. And he will certainly announce it in about 2 years, in 2008. Financial “analysts” prefer to remain silent about this, although information about this is easily accessible and verifiable. In general, the Central Bank hid “his” gold reserves in such a way that the state of Russia would not get to him in any case. Well, since they are used here securities United States (for which there will certainly be a default), it is clear whose interests in this case it reflects in its actions.

But that's not all. There is one article in the law on the Central Bank of the Russian Federation that fundamentally distinguishes it from the FRS, which is also a bank “independent of the state”. It turns out that

Article 22 federal law about the federal budget. The Bank of Russia is not entitled to provide loans to finance budget deficits of state extra-budgetary funds, budgets of constituent entities and local budgets.

It should be clarified here that the issue of dollars produced by the Fed is directly related to the provision of loans to the US federal government. This is done through the purchase of US government loan bonds for non-existent money. Roughly speaking, “securities” of the US government fall into the hands of the Fed, and in exchange for government accounts, the corresponding numbers are simply written down. Which previously simply did not exist in nature. These numbers in the banking computer become new money. Manages them. This is, so to speak, the first stage.

The second stage of the issuance consists in the fact that banks from the Federal Reserve system issue loans to ordinary commercial banks against the security of already received "securities" of the US government. But with a certain magnifying factor. This ratio is usually between 9 and 16. Such an operation in the banking community is called "fractional reserve" and also leads to an increase in the total money supply. Cash dollars are printed when writing off the corresponding non-cash amounts. This is how it is in the USA.

What do we have in Russia?

A completely different system. The Central Bank of the Russian Federation does not have the right to lend, under any circumstances, and, accordingly, this mechanism for introducing money into the economy is generally turned off under the current law.

How are rubles put into circulation?

Through purchase foreign exchange, that is, the same dollars. How many dollars the Central Bank puts in its piggy bank, so many rubles will it print and put into circulation. All this happens through the currency exchange. As a result, the ruble mass is directly tied to the dollar. We can assume that rubles are the same dollars that “lie” in the gold reserves of the Central Bank, but repainted in other colors, and the numbers on them stand with a certain coefficient. This ratio changes slightly over time, but not much. By law, again, the Central Bank is simply obliged to maintain a constant. In relation to the dollar, of course. Thus, our financial system becomes only a kind of regional office the Fed's financial system.

This fact may even be imperceptible on a conscious level by the leadership of the Central Bank, such a situation arose as if by itself ... The fundamental thing in this situation is that the needs of the domestic economy in money supply completely dependent on exports that bring dollars to the currency exchange. How much they traded in oil - so much money in. Real production within the country and commodity weight on domestic market are not considered in this scenario.

One of the results of this approach is inflation - the growth of the commodity mass within the country does not keep pace with the export of raw materials. There are too many dollars coming in, so too many rubles are printed for them. In order to somehow eliminate inflation with this emission mechanism, it is necessary either to reduce exports or import more Western goods. Or perishing constantly increase.

All of these options have their negative consequences with the exception of one - the import of means of production and technology. Only such a "waste" of dollars can result in an increase in the production of goods on the domestic market and, accordingly, a decrease in inflation.

But who will let us spend for the sake of this gold reserves?

After the publication of materials proving the private nature of the Federal Reserve System The United States quite often raises a similar question about the Central Bank of Russia. Who owns the Russian printing press? Really? When studying the law on the Central Bank, in which this question, although it has a trivial answer, no clear understanding of the situation arises. Other questions arise. The main one of which is - do we even have such a state body - the Central Bank? Of course, we have a certain commercial bank "Central Bank" and it can even print rubles, but its functions are somewhat different from those that are usually attributed to the central banks of independent states.

But first, back to the main question. Yes, the authorized capital and property of the bank are federal property:

Article 2 Authorized capital and other property of the Bank of Russia are federal property. In accordance with the purposes and in the manner established by this Federal Law, the Bank of Russia exercises the authority to own, use and dispose of the property of the Bank of Russia, including the gold and foreign exchange reserves of the Bank of Russia. Withdrawal and encumbrance of the said property without the consent of the Bank of Russia are not allowed, unless otherwise not provided federal law. The state is not liable for the obligations of the Bank of Russia, and the Bank of Russia - for the obligations of the state, if they have not assumed such obligations or if otherwise not provided federal laws. The Bank of Russia carries out its expenses at the expense of own income.

The law on the Central Bank of the Russian Federation, it would seem, makes everything clear about belonging Central Bank. In addition, the Duma appoints the Chairman of the Bank and members of the Board of Directors on behalf of the President. And here it's okay. What is worrying? And almost the same independence from the Government RF, which the Fed also has. Rather, an inverse relationship can be traced - the Government of the Russian Federation depends in its activities on the policy of the Central Bank of the Russian Federation. The law is clearly copied from similar US Fed legislation, with some important exceptions, which I will discuss later. Now let's pay attention to the phrase immediately after the establishment of ownership of the property: the state is not liable for the obligations of the bank, the bank - for the obligations of the state ... How is that? The property belongs to the state and the state cannot answer for its obligations with this property?

In other words, the state can become bankrupt even with a huge gold and foreign exchange reserve. ZVR is untouchable! There are gold reserves, but not about our honor. That's what this article is about. Well, about property, building, furniture - these are trifles. They belong to the state, calm down. The authorized capital in the amount of 3 billion rubles - too. When it comes to hundreds of billions of dollars, such amounts are not taken into account. So, we can state that the law on the Central Bank is contradictory in its essence. Formally, being federal property, the Central Bank, however, does not bear any obligations in relation to the state. And if suddenly the state makes some demands on him, then:

Article 6. The Bank of Russia shall have the right to file claims with the courts in accordance with the procedure established by the legislation of the Russian Federation. The Bank of Russia has the right to apply for the protection of its interests to international courts, courts foreign countries and arbitration courts.

You can, of course, disobey the decisions of the Strasbourg courts and use the gold reserves in accordance with the first sentence of the second article of the law, however ... the gold reserves are not in the Central Bank. Dollars and other currencies received for trading in oil and gas are not imported into Russia. At least in this amount. And rightly so. Echelons would have to be transported. I somehow figured - one hundred million dollars dollar bills- it's a suitcase. One hundred million, respectively - a wagon. A billion is already an echelon of 10 wagons. Imagine transporting 3-4 billion dollars to the Central Bank of the Russian Federation! Approximately by such amounts, gold reserves increase every week! During the last few years. Has anyone seen trains under guard that would be driven into the basements of the Central Bank? I don't think the Central Bank's safes are designed to store that much green paper at all. Accordingly, they are not there. Where is the ZVR?

First, we note that there is no point in such an amount of cash at all. This money is the numbers in the banking computer, that is, "clearing". And on what computer? What bank? Our Central Bank? Very doubtful. Their presence in the accounts of the Central Bank should be somehow reflected in the international financial system. Who will simply believe our Central Bank that he has these 289 billion dollars (as of December 13 of this year)? This means that somewhere in the west they have the Main Banking Computer, where information is stored that the Central Bank of the Russian Federation does have this money. Actually, such information is the gold reserves in question, and the computer is in charge of The World Bank and the IMF - two real financial structures of the World Government, the existence of which, for some reason, many cannot recognize.

Secondly, gold reserves do not even represent money. The Central Bank of the Russian Federation transferred the main part of the gold reserves into "securities" of the United States, more precisely, into bonds of a loan from the US government, which almost defaulted on these very securities back in March of this year. And he will certainly announce it in about 2 years, in 2008. Financial “analysts” prefer to remain silent about this, although information about this is easily accessible and verifiable. In general, the Central Bank hid “his” gold reserves in such a way that the state of Russia would not get to him in any case. Well, since US securities are used here (on which there will certainly be a default), it is clear whose interests in this case the Central Bank of Russia reflects in its actions. But that's not all. There is one article in the law on the Central Bank of the Russian Federation that fundamentally distinguishes it from the FRS, which is also a bank “independent of the state”. It turns out that

Article 22. The Bank of Russia is not entitled to provide loans to the Government of the Russian Federation to finance the federal budget deficit, or to purchase government securities at their initial placement, except in cases where this is provided for by the federal law on the federal budget. The Bank of Russia is not entitled to provide loans to finance deficits in the budgets of state extra-budgetary funds, the budgets of constituent entities of the Russian Federation and local budgets.

Here it must be clarified that the issue of dollars produced by the Fed is directly related to with the provision loans to the US federal government. This is done through the purchase of US government bonds. to non-existent more money. Roughly speaking, “securities” of the US government fall into the hands of the Fed, and in exchange for government accounts, the corresponding numbers are simply written down. Which previously simply did not exist in nature. These numbers in the banking computer become new money. Manages them US government. This is, so to speak, the first stage. The second stage of the issuance consists in the fact that banks from the Federal Reserve system issue loans to ordinary commercial banks against the security of already received "securities" of the US government. But with a certain magnifying factor. This ratio is usually between 9 and 16. Such an operation in the banking community is called "fractional reserve" and also leads to an increase in the total money supply. Cash dollars are printed when writing off the corresponding non-cash amounts. This is how it is in the USA.

What do we have in Russia? A completely different system. The Central Bank of the Russian Federation does not have the right to lend to the Government of Russia under any circumstances and correspondingly this mechanism for introducing money into the economy is generally disabled under the current law. How are rubles put into circulation? Through the purchase of foreign currency, that is, the same dollars. How many dollars the Central Bank will put in its piggy bank, so much will it print rubles and put them into circulation. All this happens through the currency exchange. As a result, the ruble mass is directly tied to the dollar. We can assume that rubles are the same dollars that "lie" in the gold reserves of the Central Bank, but repainted in other colors and numbers on them stand with a certain coefficient. This ratio changes slightly over time, but not much. By law, again, the Central Bank is simply obliged to maintain a constant ruble exchange rate. In relation to the dollar, of course. Thus, our financial system becomes just a kind of regional branch of the Fed's financial system.

This fact may not even be perceived on a conscious level by the leadership of the Central Bank, such a situation arose as if by itself ... The fundamental thing in this situation is that the needs of the domestic economy in the money supply are completely made dependent on exports that bring dollars to the currency exchange. How much oil has been traded - so much money in the economy. Real production within the country and commodity weight in the domestic market in this scenario are not considered. One of the results of this approach is inflation - the growth of the commodity mass within the country does not keep pace with the export of raw materials. There are too many dollars coming in, so too many rubles are printed for them. In order to somehow eliminate inflation with this emission mechanism, it is necessary either to reduce exports or import more Western goods. Or perishing constantly to increase the exchange rate of the ruble.

All of these options have their negative consequences, with the exception of one - the import of capital goods and technologies. Only such a "waste" of dollars can result in an increase in the production of goods on the domestic market and, accordingly, a decrease in inflation. But who will let us spend for the sake of this gold reserves? That's the whole problem. Obviously, this situation indicates the subordinate position of the Russian financial system in relation to the international financial system, and to its main core - the Fed. It is also obvious that such a state is artificial and introduced by agents of influence of the West in the person of Gerashchenko and other financial figures. Hiding behind supposedly independent and free from the state intervention financial device, in fact, the infrastructure of Russia's finances, completely subordinate to the West, was implemented. Yes, it could not have been otherwise under the “reformer” Yeltsin.

To circumvent the problem of "independence from the state" of the Central Bank and its gold reserves, the Stabilization Fund was created under the government. However, its leaders were also able to get away from finance - they first transformed it into a currency, and then into US “securities”. Naturally, again it turned into numbers on the Main Banking Computer somewhere in the World Bank. Which, if necessary, can be "frozen". Interestingly, in the draft government decree “on the procedure for investing the Stabilization Fund”, the Ministry of Finance proposed that the Fund’s funds could be invested in securities “of the governments of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal , Spain, UK and USA. What is interesting here is not even the meaning of the decree, but the order of the countries. The countries are listed in alphabetical order, but not Russian, but ... English. Accordingly, the original draft resolution was written in English, and the Ministry of Finance issued only a translation for Fradkov's signature. The translator of the Ministry of Finance did not rearrange the countries in the order of the Russian alphabet. Accordingly, the resolution itself, signed by Fradkov on April 21 of this year, contains quite transparent evidence - the resolution was clearly not prepared in the Ministry of Finance. Only a not very smart translator sits in the Ministry of Finance. The text of the resolution was widely cited by the press, and its traces, along with the translator's mistake, are also on the website of the Ministry of Finance.

Incidentally, the funds of the Stabilization Fund will be placed in the West under the guise of funds from the Central Bank of Russia. Financiers are afraid that the accounts of the Russian government may be arrested (there have already been cases of attempts to arrest the property of the Russian Federation - ships, aircraft ...). But the accounts of the Central Bank seem to be unable to. Since the Central Bank of the Russian Federation is no longer a state structure and cannot be held responsible for the state. Purely legal. Like this. Maybe just not have such accounts abroad? In such an astronomical volume? Or really have at hand a reciprocal blackmail lever? There are several more important points in the law on the Central Bank that indicate that the state this organization has a very indirect relationship. First of all, this is an article about profit. The Central Bank, if you follow the logic of the law on it, is a commercial bank. He has a profit, which is formed from any form of his activity, including seigniorage - profit from direct emission of money. This profit is beyond the control of the state and does not go to the state budget. It was this fact that was used in court filings about the Fed as evidence of its private nature. Can this fact be used in relation to the Central Bank? Naturally.

It can also be added that wage employees of the Central Bank is determined by its own Board of Directors. Why not give yourself a million dollar salary? Or am I petty? Of course, the actual appropriation of capital is somewhat more complicated, it is still inconvenient to assign yourself a fantastic salary in full view of everyone, but the main principle is important here. I will not consider the history of legislation on the Central Bank. I refer to the book by V.V. Martynenko "Unknown policy of the Bank of Russia". From it it is clear that the Central Bank has the strongest lobby in the State Duma. And the adoption of laws on the Central Bank, as in the United States, occurs in approximately the same scenario - corruption. The only thing to note here is Putin's attempt to nationalize the Central Bank of the Russian Federation in 2000. The thought did not. Even the "party of power" - United Russia did not support Putin in this. In general, no parties were supported, including the Communist Party. Which makes us think about the political nature of our parties in general.

It is clear that the story with the Central Bank is not over yet. Recent events around the Central Bank indicate that some processes are underway here. And there will still be attempts by the current government to put this “state” body under the control of the state. I think that it is simply necessary to support her in this. What did we end up with? The government cannot dispose of either the gold reserves or any other assets of the Central Bank of Russia. By law, the Central Bank does not even have the right to lend to the government, which is the most ridiculous and tragic. In essence, the Central Bank assumed only the duties of a currency exchange office and, thereby, made the Russian financial system dependent on from international financial system with the core of management in the US Federal Reserve. The government, in order to avoid a default situation, was forced to create a Stabilization Fund, which the wise men from the Ministry of Finance again managed to get out of government control by transferring its funds into foreign currency and securities to the accounts of the World Bank under the guise of funds from the Central Bank of the Russian Federation. The government is again in an unstable position - with an unexpected decrease in monthly revenues from tax authorities and customs, state employees may be left without a salary, and the work of the entire state apparatus is paralyzed. And of course for real investment projects penny investment fund under the control of the clever Gref is clearly not enough.

And the other day the government had "new" ideas - a new state corporation will be created under the loud name "Bank foreign economic activity and development of the Russian Federation”. This will not be an ordinary bank. He won't lend individuals and will have no profit. He will only give interest-free long-term loans legal entities for periods of more than 5–10 years. “But the most important feature of the Development Bank is that, unlike other banks, it will not be subordinate to the Central Bank. Only the government can control it. The Central Bank will not even be able to check it, which is specially stipulated in the bill." True, and for its creation, special laws will have to be adopted. Will it be possible to overcome the lobby of the Central Bank in the Duma?

Continuing the theme of the Central Bank. It can be doubted that the Central Bank is generally state structure. The main reason is its independence from state authorities. And this is legally enshrined in the law on the Central Bank in the second article, which says that the Central Bank is not liable for the debts of the state. For lawyers of any country, this means the complete independence of this body from the state. For property relations in this matter are decisive. The Central Bank does not belong to the state, since the state cannot dispose of the property of the Central Bank.

To make it clear to everyone, I will clarify - the gold and foreign exchange reserves of the Central Bank are beyond the reach of state authorities. This is true even if the authorities appoint the managing managers of the organization. An absolutely stunning example can be cited as an example of the relationship between the Central Bank and the highest authority in the country - the State Duma. This is the intention of the Accounts Chamber to conduct an audit of the activities of the Central Bank. This happened immediately after the murder of Deputy Chairman of the Central Bank Kozlov. But it suddenly turned out that it was impossible to do this without the permission of the National Banking Council! The chairman of this body is Finance Minister Kudrin. Kudrin became a breast in defense of the Central Bank and he turned out to be more important than Stepashin, chairman of the Accounts Chamber. Although the other day, permission was nevertheless issued:

The National Banking Council (NBS) at the next meeting will approve the audit of the financial and economic activities of the Bank of Russia by the Accounts Chamber, Alexei Kudrin, who is the chairman of the NBS, told deputies on Friday. “This implies that the Central Bank is controlled by the parliament,” the minister explained.

The last clarification is very significant. The bankers were worried that the independence of the Central Bank would be visible to the public and allowed the same verification. In fact, we are not talking about some kind of complete independence of the Central Bank. Not obeying Russian authorities power, the Central Bank is completely subordinate to the international financial structures of the World Government - to the World Bank and the IMF. Kudrin, serving the interests of these Western financial structures that really control the Russian financial system, simply tried once again to hide this fact. In the last article, I provided some data that clarifies this situation.

The last fact is the withdrawal of the Stabilization Fund from government control and the search for a foreign manager for it. All this under the pretext of the effectiveness of its use. At the same time, the most effective method- investment in the Russian economy for some reason is not mentioned at all. More precisely, its discussion is avoided in every possible way under the pretext of possible inflation. You can't think of a dumber reason! After all, investments primarily mean the purchase of modern equipment abroad. The money will go to the commodity market of the West. And in Russia, this will result in an increase in commodity production - the best remedy for inflation. Even if you buy equipment directly in Russia, it will still result in an increase in the commodity weight by 15-20% more invested capital. This is again a reduction in inflation. Someone "particularly gifted" in financial matters may say that the Stabilization Fund is in rubles and it is not possible to spend them abroad without converting them into foreign currency. And the conversion will add rubles on the domestic market and depreciate the ruble and add inflation. We're late! Already converted. And reduced and added.

Moreover, before this money was converted into dollars, it was first converted from dollars into rubles. Since this is a tax on the export of oil, which is still going for dollars. That is, before getting into the Stabilization Fund, this money was printed by the Central Bank to buy up excess dollars on the currency exchange, where they got from oil trading. And this policy of the Central Bank certainly leads to inflation. Maybe it was necessary to take taxes directly in dollars? Appreciate the joke...

But back to the problem of the Central Bank. Some people still do not understand the situation around the Central Bank. Back in 2000, Putin tried to nationalize the Central Bank, but his initiatives did not pass the State Duma. No party supported him. But Putin himself has no right to write laws. He is a president, not a king. And according to the law of the Central Bank, we have an independent organization. However, the struggle for the Central Bank is still going on. The law on the Central Bank is periodically revised. For example, in 2003, after long battles between three parties - the Duma, the government and the Central Bank, some minor powers of the Board of Directors of the Central Bank crept into the National Banking Council, which can still be somehow considered government agency. But what was the intrigue then?

“Before the amendments to the law took control of the government, the deputies proposed to deprive the CBR of its independent status.”

That is, “the amendments to the second reading transferred the strategic functions of the Board of Directors of the Central Bank to the NBS, but the CBR managed to convince the government and deputies not to adopt such changes in the law.” It should be noted here again that the main defender of the Central Bank was and remains a member of the government and head of the Ministry of Finance Kudrin. As head of the National Banking Council, however, he is not very eager to increase his powers to manage the Bank of Russia. And this makes you think... The following fact also makes you think - back in 2002, the Federation Council, being in favor of changing the status of the Central Bank, vetoed the law under discussion, but the deputies of the lower house overcame this veto - "with 300 votes necessary to make a decision, 389 voted for overcoming the veto MPs, 1 voted against, 1 abstained.

Of interest are the amendments to the law, which the deputies of the Duma did introduce into the law in 2002 (the law was already included in 2003).

1. “The governing bodies of the Bank of Russia are the National Banking Council, the Board of Directors of the Central Bank and the Chairman of the Bank of Russia.”

2. "In federal budget The Central Bank will transfer 50% of the actual profit received at the end of the year, remaining after the payment of taxes and approval of the annual financial reporting.»

That is, it was then that part of the independence was taken away from the Central Bank and the NBS was endowed with some management functions. But most importantly - they took away 50% of the profit! This is such a tax - “in half” is called. If you print money, give at least half to the state. The fact that the printing press should not have profit, in principle, somehow did not reach the deputies. But even 50% is already a victory.

The behavior of some people during the discussion is also interesting: “The amendments were adopted despite the objections of the new head of the Central Bank, Sergei Ignatiev, who was present at this meeting, and Finance Minister Alexei Kudrin. The government, in particular, objected to giving the NBS "administrative" functions, insisting that they should only be control. The head of the budget committee, Alexander Zhukov, is of the same opinion.”

The "government" here, presumably, was represented by Kudrin's opinion. This gentleman really does not want the state to interfere in the affairs of the Central Bank. Even in the face of him personally, Finance Minister Kudrin. In the history of the law on the Central Bank there is another important point- this is the struggle of the Central Bank for strengthening control over Russian commercial banks. If the Central Bank were unconditionally a state body, then I would only would welcome such an aspiration. However, here the situation is different and it is worth a little understanding. And for this you have to plunge a little into the history of the emergence of commercial banks in Russia.

Some may remember the times of shock therapy according to the recipes of Gaidar, the grandson of the great writer, who created the bright image of Malchish-Kibalchish. This grandson left far from the brightest memories. My mother-in-law, a doctor at the regional hospital, remembers how she received her salary in bags of sugar. And the father-in-law then received a salary at the plant not in money, but in coupons for a local shop. As a result of the reforms, the financial system of the state was suddenly paralyzed. Industrial enterprises, which previously worked quite normally, suddenly found themselves completely without money. So much so that there was nothing to pay wages. The shock was so strong that some business leaders, unable to bear the sight of the death of their enterprises, committed suicide. Whether or not financial flows were stopped intentionally is a big question, but the fact that it had an effect better than the atomic bombing is an indisputable fact.

However, not the entire economy then died. Financial weapons, although they caused enormous damage to the economy, did not completely destroy it. A temporary solution was found - barter. The goods themselves became money - wood, coal, oil, sugar, flour ... And not all, but many enterprises continued to work. The next step in solving the problem of organizing trade in the conditions of a destroyed financial system was the creation of commercial banks. Yes Yes. Companies have created their own own banks! And what to do if the banks operating then refused to serve them? This is how Gazprombank, Stroybank, Sudostroitelny Bank, Sibacadembank, Agropromcredit Bank, Zheldorbank arose ... Even the Siberian Academy of Sciences was forced to create its own bank in order to pay salaries to researchers on time!

Of course, this was not without private selfish interests, money is money. However, the Russian economy survived thanks to these banks. Fact is fact. It cannot be said that the integration of banks and industrial enterprises is some kind of invention of the Russian economy in the era of Gaidar's reforms. Not at all. The development of South Korean corporations - chaebols and Japanese shuduns is just connected with the advent a special type of financial-industrial groups. These groups, including financial structures, became independent of the external banking system, which added to their stability and efficiency in the use of available capital. Many Western TNCs also include financial institutions, which also increases their competitiveness. Naturally, this situation does not suit entrepreneurs from purely financial circles. Financial flows lock themselves inside industrial corporations, preventing ordinary banks from receiving their share of the profits.

For example, “according to a survey of business associations, specific gravity transactions within the nuns in the volume of sales of manufacturing companies included in the huduns is 20.4%.» Money revolving within industrial associations ceases to bring profit to monetary monopolists and therefore becomes the main target for their attacks. But this fact can already explain to us the policy of the Central Bank in relation to commercial banks. I cannot yet say for sure that the purposeful activity of the Central Bank in the early 90s led to the paralysis of the Russian economy. This fact still needs to be studied. But what's going on with licensing commercial banks clearly raises suspicions of some hidden motives. And the letters of the arrested Frenkel reinforce these suspicions.

The fact that the Central Bank staged a boycott of the Russian economy is evident from another fact. The Central Bank refuses to lend it at all! No, never an explicit ban didn't exist. However, the interest on the loan was such that only a madman could take out a loan on such terms. Of course, there were such, but this did not affect the economy as a whole. How are things now? Russian economy got access to loans. But abroad! To date, Russian enterprises owe about $140 billion Western banks. Why Western and not Russian? We don't have money? There seems to be - more than 300 billion gold reserves. The Central Bank could use part of the gold reserves for loans to Russian enterprises. But he prefers to keep it on Western accounts. Western banks, taking into account all the risks, give credit to our enterprises on acceptable terms. Perhaps using our own gold reserves.