- Posted April 26, 2014 by
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Russia prepares the strategy of "scorched earth" financial
ZeroHedge.com comments on April 25, 2014 the news focusing on the obviously furious reaction in Russia. Tyler Durden says that the initial reaction of the Russian Ministry of Economy minimizes the decision by S & P. But more importantly , foreseeing the imminent now getting closer, in this context, and also in the worsening of the situation, prepared for new sanctions by the United States , Russia prepares its response . It depends on the economic adviser to Putin , Sergei Glazev , economist proponent of a very strict policy against the blockade BAO . Durden describes what he calls the strategy of " scorched earth" of Russia, where they will be invited to attend the BRICS .
"... But much more important , and before other Western sanctions that appear imminent , unless Obama wants to appear even weaker than it is now ( I grant , it would be difficult ) , the adviser to the Russian president Sergei Glazev has proposed a plan 15 measures aimed at protecting the country's economy from sanctions , if applied . The newspaper Vedomosti cites a letter of Glazev to the Ministry of Finance. According to Vedomosti , as Bloomberg reports , Glazev proposed :
• Russia should move all the assets and deposits in U.S. dollars and Euros from NATO countries to neutral ones .
• Russia should start selling sovereign bonds of NATO members before the foreign currency deposits of Russia are frozen .
• The central bank should reduce dollar assets and sell sovereign bonds of countries that support the sanctions .
• Russia should restrict the activities of foreign commercial banks to avoid speculation on the ruble and capital outflows .
• The central bank should increase the supply of money so that state-owned companies and banks to refinance foreign loans.
• Russia should use national currencies in trade with members of the Customs Union and other partners, not dollars and euro.
In other words, a campaign of scorched earth full blown by Russia . Sure, the U.S. Treasury bonds held by Russian companies are not as substantial (and may be fully monetized in three months from the Fed's POMO ) , and Western financial ties with Russia , as well as trade , are not in danger , but if Russia took up the baton , and the other BRICS countries , already furious at the recent U.S. decision not to increase their status in the IMF, would follow the example, then the life of Obama would be a nightmare. Especially if the most important member of the BRICS , China , did any of the many things that can be done , including in this new cold war , whether it is with or against the United States ...