Seeker of Truth
05-31-2003, 04:45 PM
Nothing Is Better Than Gold
05/30/2003 14:33
Russian economists discuss an opportunity to put a golden ruble in circulation
In developed countries, almost every family has stocks or state bonds. Exchange news is the real information, people show their interest in it. They do not keep their savings at home, they make money work for the economy, the money is invested in the real sector of economy, in the production of goods and export, in the development of new technologies, and so on. This is probably the reason why the living standard of developed countries seems to be a dream for the majority of the planet's population.
It seems that Russia has chosen the way of the world's poorest and hopeless countries. There are investment tools in Russia, but they are meant for a very narrow group of "insiders." Everyone else use notes of the American State Treasury. Russian governmental officials and bankers have been concerned about Russian people's wish to save their money at home, not in banks. The government arranged the bank reform, they passed the law about insuring people's deposits (which does not insure anything really). The result of those measures was ridiculous. The US dollar started going down, but Russians did not hurry to open bank deposits either. Therefore, the Russian bank system is not meant for saving funds and making investments. To all appearance, it is meant for something else. What if all Russians decided to bring all their money to banks one day? Nothing would change either way. Russian banks invest almost nothing in the country's economy - it is a rather risky thing to do. Most likely, that money would be used for purchasing a chalet in Switzerland or a house on Bermudas. The rest of the money would then be transferred to foreign banks in order to work for the economy of foreign countries (big money brings very good profit in developed countries without any risks). So why does Russia need such banks at all? Even Russian largest state monopolies have to borrow funds abroad.
Experts say that it is very hard to create an efficient and reliable investment tool in Russia. In fact, there are a lot of such tools in the country, but they are not used according to their purpose. Although, thee is a small group of people, who use investment tools, albeit for their personal interests only. Prices on land, apartments and other saving tools have been growing in Russia recently. The US dollar has exhausted such opportunities, and Russians do not see any other investment tool to use. However, Russian people reportedly possess up to 60 billion dollars in total - this money does not work for anything.
More @ english.pravda.ru (http://english.pravda.ru/main/18/89/358/10148_gold.html)
05/30/2003 14:33
Russian economists discuss an opportunity to put a golden ruble in circulation
In developed countries, almost every family has stocks or state bonds. Exchange news is the real information, people show their interest in it. They do not keep their savings at home, they make money work for the economy, the money is invested in the real sector of economy, in the production of goods and export, in the development of new technologies, and so on. This is probably the reason why the living standard of developed countries seems to be a dream for the majority of the planet's population.
It seems that Russia has chosen the way of the world's poorest and hopeless countries. There are investment tools in Russia, but they are meant for a very narrow group of "insiders." Everyone else use notes of the American State Treasury. Russian governmental officials and bankers have been concerned about Russian people's wish to save their money at home, not in banks. The government arranged the bank reform, they passed the law about insuring people's deposits (which does not insure anything really). The result of those measures was ridiculous. The US dollar started going down, but Russians did not hurry to open bank deposits either. Therefore, the Russian bank system is not meant for saving funds and making investments. To all appearance, it is meant for something else. What if all Russians decided to bring all their money to banks one day? Nothing would change either way. Russian banks invest almost nothing in the country's economy - it is a rather risky thing to do. Most likely, that money would be used for purchasing a chalet in Switzerland or a house on Bermudas. The rest of the money would then be transferred to foreign banks in order to work for the economy of foreign countries (big money brings very good profit in developed countries without any risks). So why does Russia need such banks at all? Even Russian largest state monopolies have to borrow funds abroad.
Experts say that it is very hard to create an efficient and reliable investment tool in Russia. In fact, there are a lot of such tools in the country, but they are not used according to their purpose. Although, thee is a small group of people, who use investment tools, albeit for their personal interests only. Prices on land, apartments and other saving tools have been growing in Russia recently. The US dollar has exhausted such opportunities, and Russians do not see any other investment tool to use. However, Russian people reportedly possess up to 60 billion dollars in total - this money does not work for anything.
More @ english.pravda.ru (http://english.pravda.ru/main/18/89/358/10148_gold.html)