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Russia Started Eating Up Money for "Rainy Day"

Russia Started Eating Up Money for "Rainy Day"
Delyagin Michael 21.07.2009

Enormous budgetary deficiency of 2009 - 8% of gross national product - is supposed to be covered at the expense of the stock saved up in 2000s years, first of all by means of Reserve Fund and Fund of National Well-being.

In this connection the stream of official thanks poured out on its founders - liberal fundamentalists led by Kudrin. Really: if this money has been worthlessly dissipated or simply stolen, Russia would already for a long time stay without means of support as on the eve of default of 1998.

Strained exaltations that the Russian state still has something to be spent - reliable tool of derivation of public attention from variety of inconvenient questions first of all connected with efficiency of the state policy. Really: having devaluated rouble almost by one third, the state simultaneously managed to lose almost a quarter of billion dollars of the international reserves - money which could be spent (certainly, having such a desire) on construction of the second Russia - better and more beautiful than today's one.

However the state (first of all officially praised Kudrin directly heading development and realization of the monetary policy) preferred to present, as a matter of fact, these enormous means to the Russian and international speculators, having more than by a third reduced the international reserves of the country for which all hope today.

Meanwhile there's no doubts that if these means were not postponed "for rainy day" but were spent on modernization of Russia, our competitiveness would essentially grow. References to Norway and Kuwait which accumulate "petrodollars" are insolvent: these are successful countries which simply have nothing to invest means in their territory. The majority of countries which have been caught in the "shower of gold" of petrodollars (certainly, except hopelessly corrupted like Nigeria) directs means first of all on own modernization: eventually, it is natural.

If the Russian management was engaged in modernization of the country instead of directing means of the Russian tax bearers for modernization of their strategic competitors in the USA and European Union, crisis will hurt us approximately the same way as China where economic growth was slowed down from 11,5 to 5,5%. It created really serious social problems, however, it can't be compared with the Russian recession which made 9,5% in the I quarter, 2009 and expected (if to trust the figure of gross national product put in the budget) 11,5% as a whole for a year.

It is amazing that consecutive gradual refusal of modernization having become the essence of the policy of liberal fundamentalists in "zero" years strikingly contradicts their own recommendations given to individually to people.

When a person asks the Russian liberal how to manage available funds in conditions of growing economic uncertainty, he receives quite rational and well-founded advice "to put them up into oneself". Develop, modernize oneself, expand own knowledge and abilities ("competence" in modern liberal language) to raise competitiveness and for sure earn a living in the most different conditions.

It is absolutely right, correct advice.

However, when they give recommendations not to separate people but to won (we'd most like believe that they consider Russia like this) country - the answer is strictly opposite. The mere thought about modernization, about competitiveness increase, about acquisition of new "competence" is being root out mercilessly: it, say, will inevitably lead to inflation, that is why it is categorically inadmissible. Say, it's necessary to act strictly oppositely - to save money "for rainy day", so that when it will come, they will help to exist for some time.

What will happen then, when money will end, liberal fundamentalists on principle refuse even to think.

As a matter of fact their policy of 2000s years crowned with creation of Reserve Fund and Fund of National Well-being - is no more than a policy of accumulation of "money for the coffin". Clear for the old man this policy is absolutely unacceptable in relation to the country - at least, our country.

Carrying out of modernization at the expense of "petrodollars" would allow to avoid "rainy day" as those: we would not feel it more strongly than China.

Refusal of modernization during last several years dooms us to reject even not to 1998 but to the beginnings of 90s years when postponed "coffin money" will be wasted.

We have little time to wait for it: in April Reserve Fund was reduced by 14,25 billion dollars - to 106,81 billion. Fund of National Well-being in April continued growth though with the decreased rate and increased by 0,59 billion - to 86,3 billion. The general size of two budgetary funds first time for long time became less than 200 billion having decreased by May, 1st to 193,11 billion dollars...

Repayment of budgetary deficiency only during the current year will reduce these funds, as it is supposed, by 65 billion dollars and then their eating up will proceed with accruing rates - even the architect and propagandist of a self-destructive monetary policy of 2000s years Kudrin feels free to talk about it.

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