Russia’s Central Bank Governor Is Way Smarter Than Ours


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    Harris&Ewing Less taxes, more jobs, US Chamber of Commerce campaign 1939 It wouldn’t be a first, but it would certainly be a – bigger – shock. That is
    [See the full post at: Russia’s Central Bank Governor Is Way Smarter Than Ours]

    V. Arnold

    If I may be so bold as to claim some understanding of the Russian mindset (having been married to a non-U.S. born Ukrainian). Both her parents fought in and survived WWII.
    That should be the first hint regarding what, especially, U.S. citizens will never be able to understand.
    Russia retains that cultural memory, war, dying, privation, and practically, single handedly, kicking Hitler’s ass.
    I could go on about how my ex-wife’s parents had two houses (one a rental), a payed for car (new), and owed no money to anyone. Oh, and a garden, the likes of which I’ve never seen before or since. Both were minimum wage earners in 1967.
    You, me, and the western world are witnessing THAT, with every move Russia makes.
    But, if you do not know history; how could you know the thing staring back at you?

    Dr. Diablo

    “We need to think about some other ways to finance growth…”

    Because there’s this thing called “savings” that we can use to build with. And compared to borrowing, it’s both safe and relatively free. But when the product your industry sells is “loans”, it’s heresy to suggest there is any means of payment but debt. –Where you pay a 5% toll to the gatekeepers to do what could be done for free.

    Imagine: whole industries earning “profits” that they then use to invest in themselves and their countries from “savings” without burdening their economies with the unnecessary overhead of debt. It could happen.



    “But, if you do not know history; how could you know the thing staring back at you?”

    I once thought I had a pretty decent understanding of history. Then saw stuff like this:

    It’s not to suggest Germany did not commit atrocities during (and leading up to) WWII, but it was a staunch reminder that victors write the history books, and that uncomfortable or inconvenient facts are sometimes edited out of our collective memories.

    As far as understanding the Russian mindset, I suspect many of today’s Russians aren’t that far a cry from today’s Western cultures: raised on books full of lies & half-truths to glorify the sacrifices of the Allies during the war while demonizing the Axis powers (though when it comes to ignorance, I’m sure North Americans – being so far from the battlefields of Europe and the Pacific – take the cake in terms of ignorance).

    Given their proximity to the most tragic wars the world has ever known, one would think European and Eastern European nations would know that the path they’re currently walking down leads to all-out war. Unfortunately, humanity has demonstrated time and time again that we simply cannot learn from the past, and look to be doomed to repeat the same mistakes every human generation or so (80 – 100 years).

    C’est la vie.


    V. Arnold

    @ Variable81

    As far as understanding the Russian mindset, I suspect many of today’s Russians aren’t that far a cry from today’s Western cultures.

    Suspect? Interesting word. One can be modern and still a child of one’s culture.
    I suggest you greatly over estimate the west effect.
    Read the Saker, Sputnik, and Fort Russ; just to name a few sources.
    I think we were raised on far more lies than the gritty realities of Russia’s history. It would be difficult to exaggerate the realities they lived. I heard it first hand for years and it wasn’t bullshit.
    My point in the aforementioned post, was to back up Ilargi’s contention that Nabiullina was more than competent. Russia couldn’t possibly see economics with a western eye; unless a sycophant of the west was doing the looking. She isn’t that.
    Your closing paragraph is not anything I’d argue against. It’s just evidence of the failure of the human condition and why we are where we are.
    Russia hasn’t forgotten…

    Ex-PFC Chuck

    It’s my understanding that estimates of the percentage of German battle deaths that occurred on the Eastern Front range from about 70% to 93%. The exact figure is unknown because Wehrmacht record keeping collapsed in the last weeks of the war.

    V. Arnold

    @ Ex-PFC Chuck

    Yes, but ask most Americans (north Americans) who won WWII and they will say “we” did.
    Thus history according to the least injured on the side that wasn’t defeated; but certainly not the true victors…
    Just the vultures cleaning up…


    Smarter Central Planners,,,just what we need?

    John Day

    I love strong, competent women.


    Good for her! Bernanke pales in comparison, and yet his new book is entitled (are you ready for a good laugh?) “The Courage to Act: A Memoir of a Crisis and its Aftermath”. Yes, and in which direction did he act? Why, with all this courage just dripping off him, he acted to bail out the banks so that his buddies could get back to big bonuses and stock options. Ben’s new book, which will no doubt net him a ton of money (perhaps he’ll have the courage to walk into a bank again in order to secure the mortgage he was so sadly denied – boo hoo), when added to his enormous fees for speaking engagements at sometimes $200,000.00 a pop, will delightfully illustrate that crime DOES pay.

    This bearded Santa Claus, who somehow was only able to squeeze down rich men’s chimneys, exhibited “courage”? Against what? Being lynched by the public? Because I don’t see a lot of courage in handing out gifts to your friends.


    Raleigh, thank you so much for the Santa Ben image…can’t tell you how much I laughed, which is about all one can do now reading the “news” these days.


    gezelle – glad you had a laugh! It’s good for the soul.

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