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THE TRANSCRIPT (Valentin Yuryevich Katasonov, b. ☀️📅Sunday, April 5, 1950)
The statement that we need to improve the market...
the statement that we need to improve the financial market...
that we need foreign capital...
I strongly disagree with it. I want to explain my position now. The economy is similar to the human body. A good economist is like a good doctor. A good doctor is a doctor who knows how to make a diagnosis. Not the symptoms, not the external manifestations of the [/kontekst/jesus-enwikipediaglory-hunting] disease, but the underlying ones. And the underlying reasons, if we move by layers like this, are political, spiritual, moral, etc. It is important to discuss, of course, in some format of a production meeting, for example, production costs or the tax scale. But today, it seems to me, we have such a large scale of the event that we must raise the bar.
And in this sense, I would like to say that let's make a diagnosis. And the diagnosis is very simple. It has been voiced by Yuri Yurievich. Twenty years ago, a truly tragic event happened in our history. Of course, this is one of the milestones. But after that, the country really started to go downhill fast. And, in fact... I also suggest using Russian too. That's a small deviation. "Macroeconomics", "macroeconomic", etc. are not words in our vocabulary. I can even say that, basically, this vocabulary got into us when textbooks on monetarism appeared. Even higher education in the West did not use the word "macroeconomics" very often. So this is also, like, a manifestation of those negative processes that have taken over our society.
So I can make a diagnosis using Russian vocabulary. That, in fact, the country has been turning into a colony for the last twenty years. Accordingly, if we call everything in their own words, then we should not say "government", but "colonial administration". And if we understand that we are talking about the colonial administration, then it is completely useless and pointless to write any petitions to this administration.
(Applause)
I would like to explain this situation further. Means. But our government-dash-colonial-administration, does it manage anything? I answer categorically: no, it does not control anything. Because there is a place for external governance of this country. And it has been happening for the last twenty years. Especially in the 90s, immediately after the tragic events of 1993.
(Applause)
As an economist, I can explain how this mechanism works. First of all, through the Central Bank. Through, let's say, such an unlimited accumulation of foreign exchange reserves, in fact, the Central Bank serves the interests of the Federal Reserve System. In fact, it is a branch of the Federal Reserve System. If we don't understand it, if we really don't summon the courage and strength to get this painful issue off the ground... The refinancing rate is a symptom of the disease. The main reason is the monetary issue model. This is the monetary authority. This is the currency board. Farther... The offshore nature of the economy. How can our government can manage the economy if almost 90% of the assets of large and medium—sized businesses, let's say — capital, entrepreneurs, enterprises - are transferred offshore? The government pretends to be in control of something. And you can keep going on. We can talk, for example, about the alarming trend of corporate debt growth in Russia. Moreover, this debt is external. Well, in general, the so-called inactive form of control over enterprises has been observed in recent decades. It is more efficient and less risky to use credit management forms. Practically, it falls out of sight.
(Bell ringing)
I could talk for a long time, but the summary is this: there is a place for external economic management. Therefore, our appeals to our authorities are completely ineffective, to put it mildly.
I would also like to say that we probably need to really think about ways out. Since it's not politicians who are gathered here, but economists, but we need to understand what recommendations we could make to the government that could really express the interests of our nation, our country. I'm counting on the fingers of one hand:
The first is, indeed, the need to put our Central Bank under state control. Or rather, their [Central Bank], so that it becomes our Central Bank. Then, accordingly, the problem with the refinancing rate will be solved automatically.
The second issue is the deoffshorization of the economy. Also, the question is quite specific and extraordinary. What is needed is simply a presidential decree to re-register offshore companies in Russian jurisdiction within a month.
The third issue is related to the control of the cross—border movement of capital. The restoration of this control and the prohibition of the free movement of capital across the state border.
I will not continue the list of such emergency measures, but I would like to say that we are one metre away from the Third World War. And if we make the right diagnosis... Someone was talking about what it means if you put a student or graduate student in some kind of vacuum... Well, we need to understand what a global situation we are in today. Thank God, Syria has been resolved a bit. But it won't be Syria, it will be Iran, and there will be some other sore point. And we are one step away from this abyss. Accordingly, in order to avoid hitting all parts of our body, it is necessary to close the economy. It is necessary to close the economy. A mobilisation model of the economy is needed. We must understand that we are one metre away from war. And based on this, the terminology "macroeconomic policy" is not the terminology that should be present in serious audiences today.
Well, in general, the situation is such that, it seems to me, it is necessary to slightly change the vector of our discussion. And, as the classic said, theology politics cannot but have primacy over philosophy economics, especially at the sharp turns of history. And we're on this curve now.
Unrelated (2020: Mikhail Sovetsky «Is Russia a Colony of the USA؟! Why there is a silence on [a local Russian] TV؟»)
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Even more unrelated (Islam "for dummies" expanded):

Even more unrelated (Islam "for dummies" collapsed):

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Absolutely unrelated (Random {not Cons{ervator}y, MSU or SPBGU} academic credits 2002/2003-2013/2019)
| Full-time (without dormitory; hard copy accepted) | Evening form (without dormitory; hard copy accepted) | Correspondence (without dormitory; hard copy not accepted because "it was [also] a useless waste of time") | +/-Screenwriting (without dormitory: Geschtalt was closed in 2014 as "good" [4 out of 5]; hard copy accepted because it wasn't a useless waste of time) |
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2024: Colour of the Year — 2024 (PANTONE 13-1023 Peach Fuzz)
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