Valentin Katasonov: It is necessary to refuse dollar payment systems professionally and in the mode of secrecy

The Russian Foreign Ministry announced that, in response to new sanctions, Moscow is stepping up work to reduce dependence on American payment systems and the dollar as a settlement currency. Professor of MGIMO, Doctor of Economic Sciences Valentin Katasonov is surprised at such a statement by the diplomatic department and reminds that the Foreign Ministry does not deal with the economy, it would be more logical to hear such a statement from the Central Bank, the Ministry of Finance or the head of Government. An economist has suggested that the Russian Foreign Ministry threatens the United States to abandon the dollar. On the eve, the economist said:

- It's amazing to hear such a statement, because, on the one hand, it was not worth it to sit down on a dollar needle. However, the Ministry of Foreign Affairs should understand better than others that the USA is our geopolitical adversary. Unfortunately, decisions on the use of the dollar were made not by the Ministry of Foreign Affairs, but by the Ministry of Finance, the Central Bank, the Government — where the voice of the Ministry of Foreign Affairs was not the most important.



The second point, which, frankly, is surprising is that such statements are made not by the Central Bank, not the Ministry of Finance, or even the Ministry of Economic Development, but the Foreign Ministry. For decades, I have been watching the work of the Foreign Ministry since I started studying at MGIMO, and I don’t remember that diplomats deal with global financial issues. As a rule, they were given either to the Government as a whole, or to the departments of monetary authority. In part, this is due to the fact that the President of the Russian Federation does not have any leverage to influence and even more interfere in the decision-making process in the departments of the financial and economic bloc. It was visible to the naked eye. But people still understand that they need to react somehow. Perhaps, this statement of the Ministry of Foreign Affairs is connected with the fact that the president used those levers and methods of influence that he has. It certainly has influence on the Foreign Ministry, on the Ministry of Defense, and on some other ministries. The statement is very significant, since it is a litmus test that shows that the power associated with money is actually in the financial institutions listed above (and not the president), and the question should be raised that the real power to manage currency, finances, capital went to the head of state. How to do it? This is a political question.

From the dollar, we must give up. But I do not think that for this the Foreign Ministry had to make some loud statements. Today we have overseas assets in dollars in the hundreds of billions. First of all, these are assets owned by state-owned companies, and there are private assets.

In order to remove these assets from the blow, we must act very professionally, and most importantly, while maintaining secrecy as much as possible. The behavior of the Ministry of Foreign Affairs in this sense is surprising. Not a very good move.

They wanted to scare, but do they really think that someone of our Ministry of Foreign Affairs is afraid? Shy not. From my point of view, this is rather a kind of PR action, which is designed for an internal audience, rather than an American one, in order to show that "we are still moving, we still have no atrophied receptors."

It is impossible to refuse current payment schemes in a week or a month. Maybe our authorities have some preparations, but I do not think that the Central Bank is very actively working in this direction. Over the past few years, I have not seen the Central Bank do something good for the country. Basically, he destabilized the economy and pursued the policy of the Federal Reserve System on the territory of our country, as its branch.

Therefore, first of all it is necessary to put under the control of the state of the Central Bank. By analogy with how 100 years ago, the leader of the world proletariat, in his theses, called upon to seize the station, the telegraph and the state bank. The central bank is the key link, by grasping which, the state could solve all other problems.

Comments

[Panzermensch]

Yes, most likely already. And then they promise for twenty years.

[Gradus HuK]

No matter how much the rope twists, the end will be!

[Proxima]

Quote: Panzermensch

Yes, most likely already. And then they promise for twenty years.

Here the question is very interesting. The question is not worth it, whether we refuse dollar payment systems or not. The most important thing is that everything needs to be done competently and consistently.

[Panzermensch]

What to do? The question is not worth it. As far as I know, the solution of the question is preceded by a statement of this. When you build a house, too, first build it, and then do the plan?

[Proxima]

Quote: Panzermensch

What to do? The question is not worth it. As far as I know, the solution of the question is preceded by a statement of this. When you build a house, too, first build it, and then do the plan?

. In one post, tell you about the plan? The recipe is known for the diversification of the economy, tight control over capital, which is currently playing "one-on-one", namely, it flows in a "turbulent flow" abroad. In a word, a lot of things are needed ..

[B.T.V.]

Quote: Panzermensch

Yes, most likely already. And then they promise for twenty years.

What about you ?! For you: "America is above all."

[Andrey Yuryevich]

Valentin Katasonov: It is necessary to refuse dollar payment systems professionally and in the mode of secrecy

announcing this, to the whole world ...

[siberalt]

The system needs to be changed, but they don’t. And the fact that the president cannot do anything is empty excuses. If 80% of the population support it, then there is someone to really rely on. But only, even an attempt to ask him is not even foreseen. It is good to speak on behalf of the people, without asking for their opinion, it is somehow called differently.

[NordUral]

The whole question is Putin’s desire for this. But this is not visible. Yes, and our people, it seems that everything is already "to the bulb." Otherwise, I would go to the polls and forcefully force the authorities to work for the country.

[Maki Avellevich]

Quote: siberalt

If 80% of the population support it, then there is someone to really rely on.

lacks no popular support. boyars in conflict with such reforms.

[Proton]

When Russia financially becomes independent, then politics will change, and right now just talk. The Union could afford to cut to the West, because there was no “dough” on huge accounts there and did not finance the enemy, like the current liberal economists.

[Sewer krainiy]

On huge personal accounts.

[Aspid 57]

Bullshit! Show me the official who Putin is not able to kick out of work!

[NordUral]

A redhead, a little woman that "directs" "our" Central Bank .... and so on. And there are many more whom we, village simplicity, have not even heard of.

[dauria]

Show me the official who Putin is not able to kick out of work!

Please look at your health. They can kick Putin out of work. He is unlikely.

[34 region]

Something I do not understand. How are they going to give up the dollar and what to give in return for it. Will they issue a decree? And how will they trade with abroad? Exchange gold bullion? For rubles? With our inflation for rubles only to trade! No stability, no cash cashing out. First you need to make prices stable and to set up competitive products. Then the ruble will be appreciated. And so, pure verbiage.

[mgero]

Is it hard to Eurikomi or RMB to trade? Or oversized dollar?

[Walanin]

It is difficult when the same China is trading for dollars.

[andy.v.lee]

Katasonov is right.
I don’t have to go far for an example. Since the late 1980s, I have seen China transforming from a backward country into the largest economy in the world. Without any loud statements, the yuan has long been in free exchange and is normally quoted in the countries of Southeast Asia.

[aybolyt678]

Quote: andy.v.lee

Since the late 1980s, I have seen China transforming from a backward country into the largest economy in the world.

Not everything is so simple with China. They make cell phones on American equipment with an American processor. Assembly is 7 percent of the amount of the phone. some completing another 30 and the main profit goes to the USA.

[vladimirvn]

Swan, cancer and pike. Liberals in the form of a swan, with the ideas of a spontaneous market. The people in the form of cancer, eating crumbs from the master's table. And capital in the form of a pike diving where deeper and darker. It seems like a dead end. Not that implementation, no ideas.

[aybolyt678]

it's called plutocracy - The Power of the Rich

[NordUral]

Valentin Yurievich! I have long had a great suspicion, gradually but inexorably turning into the belief that the country is operatively controlled by organized crime groups with the General Headquarters in the West. And this organized crime group works against Russia. There is no other way to explain what is happening in the country.

[Roman 11]

Quote: NordUral

There is no other way to explain what is happening in the country

The organized crime group may have taxied before reuniting with Crimea. Now in the west there is no land for them. Abramovich, various emigrants with expropriated good in the era of chaos, thieves and crooks - all of them for the time being under the supervision of the CIA and the FBI, because if anything might fit ..... Uncle Khodor is unlikely.

As for the rejection of green, this is simply not done. We remember a set of high-profile and contradictory actions in perestroika ..... clutter and stupid running around in a circle lead to nothing. It is necessary to step out of the binding step by step with small steps, it should begin as always, from the roots (foundation)!
Here is a good example from the financial history of Russia in WWI:
In the 1914 war year current income of the budget of Russia provided 50% of the current budget costs, in 1915, 24%, in 1916, 22%, in 1917 - only provided income 15% of budget expenses Russia !!

The rest of budget expenditures was ensured by indirect taxation, by unlimited issuance of new banknotes into circulation ....... further the DECOMPOSITION of the financial system and the impoverishment of people bordering on hunger.

Something similar happened in 1991-92, but God did not get to the civil glory, and if there had been any other difficult moment ..... the system might not have been able to withstand it - a million or two more, or maybe more, from hunger as in Ethiopia.

So be careful with calls for changes in the financial system. If it were all so simple, they would have already abandoned the binding, which by the way is not. Now the helmsmen themselves are under the gun and are doing everything in their power, they have so many advisers with great qualifications. There is still good data on the import of industrial goods this year, i.e. investment. True, they are bourgeois, but this had to be thought about before .... but now it will be difficult, and above all, with the replacement of imports in our export goods. The main thing is not to disperse the economy in the form of a planned one, since inflation will begin immediately in the monetary system - it is better for now, as it is, gradual accumulation of stocks, import substitution, followed by a change in the structure of exports. And of course, track the results of these steps, where you need to take a break. But when we change the economy, when such industries as machine tool industry appear in it that can reproduce both industrial goods and consumer goods, when we stop buying it over the hill and vice versa ourselves supplying it, then we can deal with the monetary system.

[Cxnumx]

- It is surprising to hear such a statement, because, on the one hand, it was not worth it to sit down on a dollar needle.

dear professor, about refusing the dollar, you or your colleagues should have rubbed the tops in the brains of school desks back in 60-70 years. and now broadcast about "shouldn't have taken a seat"- this is somehow stupid, because in the 80s they already sat down, making all significant international transactions in this currency and accepting the US refusal to provide pieces of paper with anything but words.

[Roman 11]

Quote: K0

about the rejection of the dollar, you or your colleagues should have rubbed the tops in the brains of school desks back in the 60-70s. and now broadcasting about “shouldn't have taken a seat” is somehow silly, because in the 80s they already sat down

How to trade? Buy wheat in Canada for rubles ?? post to the Kosygin aliens? These super reformers N.I. Ryzhkov, Ligachev, Yakovlev, and of course, "dear" M.S. Gorbachev only heard about the planned system ...... but Voznesensky and Kosygin knew how it worked.

[Cxnumx]

How to trade? Buy wheat in Canada for rubles ??

why not sell oil and gas for rubles, or at least not for marks or francs? they sold them for dollars. So they got a "dependency".
they removed de Gaulle, but from the USSR this number would not have passed.
I mean, it’s kind of silly to blame the modern system for being addicted to the bucks when the fault lies with others. Yes, you need to refuse, including ordinary citizens. for example, my personal contribution may not be great - I switched to the "world" card and do not use the "visa" and the "master of cards" anymore, but how many of our people did as well? or still 99% stupidly use what they give (that is, almost always it is a “visa”) without any thought that they themselves thereby work for Amer. system and dollar?

[A. Privalov]

"Give up the secret of the dollar", is that how?
So that in the morning people will wake up and find out from the box that from today the turnover of greens in the territory of the Russian Federation is prohibited?
What is the "butterfly" restored - Article 88 of the Criminal Code of the RSFSR of 1960, "Violation of the rules on foreign exchange transactions"?
By the way, she provided criminal penalties for operations with foreign currency and currency values ​​and suggested, depending on the crime, imprisonment from 3 to 15 years, confiscation of property, a reference to 5 years, and even the death penalty (!).

[Corsair]

I think - he meant that you need to create financial instruments for settlements without involving foreign servers such as Visa and Mastercard, at any time it is possible to block transfer accounts in someone else's system - there is no particular need to look for reasons.
In our country, even within the country, some companies trade for currency, gradually eliminate such options, create a favorable climate for the possibility of lending to banks within the country. Regarding the sale of everything for dollars - no one has canceled live barter, as well as the use of settlements in the currencies of the countries with which trade is taking place, because buying dollars all stimulate demand for it and support the US financial system.

[A. Privalov]

Visa and Mastercard can be waived in one day, but let me ask how the citizens of the Russian Federation will make payments while abroad? How will pay online purchases on the other side of the world?
I have doubts that the rejection of the smooth circulation of foreign currencies is a concern for the welfare of citizens. This is a purely political matter. Only dollars can not be bulldozed or burned in the stove.

[Sewer krainiy]

Quote: Andrey Yurievich

Valentin Katasonov: It is necessary to refuse dollar payment systems professionally and in the mode of secrecy

announcing this, to the whole world ...

He talks about this. Money loves silence ...