Аргументы ЦБ разбиты. Глаза Набиуллиной раскрыл Глазьев: "Это неправда" from

The Central Bank's Arguments Were Debunked. Glazyev Opened Nabiullina's Eyes: "This Is Not True"

A New Twist in the Ongoing Debate

The heated debate over Russia's economic policy took an unexpected turn when prominent economist Sergei Glazyev publicly challenged the arguments presented by the Central Bank of Russia (CBR). Glazyev, a former advisor to President Vladimir Putin, accused the CBR of misrepresenting the economic situation and advocating for policies that would harm the Russian economy.

Central Bank's Inflation Argument

The CBR has consistently maintained that high inflation is one of the most pressing economic problems facing Russia. The Bank has argued that inflation is primarily caused by factors beyond its control, such as the war in Ukraine and Western sanctions.

Glazyev's Rebuttal

Glazyev directly challenged this argument, asserting that the CBR's monetary policy, particularly its high interest rates, is the main driver of inflation. He pointed out that inflation began to accelerate well before the outbreak of the war or the imposition of sanctions.

Fiscal Policy

Another point of contention was the CBR's call for fiscal restraint. Glazyev argued that the government should increase spending on infrastructure and other productive sectors to stimulate economic growth. He criticized the CBR for prioritizing inflation control over economic development.

Impact on the Economy

Glazyev warned that the CBR's policies would lead to a prolonged economic recession in Russia. He predicted that high interest rates would stifle investment and growth, while fiscal restraint would reduce the purchasing power of households.

CBR's Response

The CBR has not yet responded directly to Glazyev's criticisms. However, it has previously defended its policies, arguing that they are necessary to bring inflation under control and stabilize the economy.

Conclusion

The debate between Glazyev and the CBR highlights the deep divisions within the Russian economic establishment. Glazyev's challenge to the Bank's narrative has reignited discussions about the country's economic future and the role of monetary and fiscal policy. It remains to be seen how the debate will evolve and what impact it will have on Russia's economic trajectory.