'Mumbling' of the head of the Central Bank in the State Duma - the trillions will not return, the people will continue to beg!
👉 Of the questions asked in the State Duma, E. Nabiulina managed not to answer any one. Only shrugging shoulders, as if apologizing and even agreeing with parliamentarians, the Central Bank Chairman confirmed the worst fears about the erroneousness of the monetary and credit policy pursued by her agency. This means that the money stolen from the bursting banks will not return, no one will be responsible, and the population will continue to beg!
👉 On the eve of the speech in the Lower Chamber of the Russian Parliament, Ms. E. Nabiullina was denounced by another well-known ‘servant of the people’ by the Minister of Economic Development.
‘The lending activity of the banking system in the corporate sector has slowed down - this is a direct result of the combination of the Bank of Russia’s DKP and actions to restore order in terms of the activity of banking organizations,’ - M. Oreshkin said.
👉 For 2 hours representatives of the system opposition attacked Elvira Nabiullina with sharp questions about the current Russian reality. The people’s deputies remembered: the drop in real incomes of the population, high lending rates, which hamper the growth of the real economy, the absence of criminal proceedings instituted against the bankers who were provoked, and the bragging of all financial and economic clan officials about a record low inflation of 3%.
Inflation of 2.8% led to impoverishment of the population.
‘Dear Elvira Sahipzadovna, if you ask business, what is more important to them, they will tell you that the profitability of business should be higher than the cost (attraction) of money. And this will be the condition for economic growth. And not low inflation, of which you are telling us all the time. Now you have achieved low inflation, but our economic growth now will reach 1.8 and a drop in the incomes of the population. So, maybe we are not going that way, Elvira Sahipzadovna? Because the reality of Russia refutes you. Explain, please. Thank you! ‘- asked the State Duma deputy Valery Gartung.
👉 In response, the head of the Central Bank did not find anything better, except to agree that inflation is not an end in itself, but leads to gaining some benefits, for example, preserving the savings of citizens. Elvira Nabiullina did not answer the first part of the deputy’s question, about the cost of money for business and the reduction in real incomes of the population due to the implementation of the DCT and resulting in a ‘shrinkage’ of the economy. I quote -
‘I fully agree with you that inflation is not an end in itself. Low inflation is needed to ensure that the money that our citizens earned, their savings are not depreciated. Low inflation is needed so that business can plan investment projects’.
💬 On the topic of inflation, the deputy from the LDPR faction Sergey Katasonov said:
‘If you have been so striving for a figure of 4% over the past few years, I have a simple question for you: why did we slip through? How did it happen that we skipped past this indicator? Why did we leave at 2.8 ? You are influencing inflation in monetary ways. You reduce the incomes of the population, you reduce the possibility of lending to enterprises. But how then did we slip 4%? This indicates that you do not control these processes at all! ‘.
The collapse of the financial sector and the lack of imprisonment of bankers.
‘Recently, the State Duma adopted a protocol request and received answers from all law enforcement agencies about the fate of the missing trillion, only in two banks’ Otkrytie ‘and’ Binbank ‘. The answers were received: no cases, no investigative actions and even pre-investigation checks are conducted, due to the absence of references to this topic from the Central Bank, ‘State Duma deputy Oleg Nilov told. - ‘The question: why does the Central Bank so passively observe such an allegedly force majeure evaporation of trillions of rubles? Why there is no responsibility for monitoring, there is no responsibility of authorized representatives of the Central Bank in commercial banks? We repeatedly see the next bankruptcy or, as in this case, sanation. When will the money be returned? ‘.
👉 On the issue of transferring information and writing statements to investigative bodies, the head of the Central Bank preferred to remain silent, as well as on the issue of the return of people’s money. However, as an avid bureaucrat preferred to go deeper into optimizing the internal processes of the Central Bank.
‘In order for banking supervisory activity to be more effective, we are also restructuring our internal processes. I can tell you in more detail. But we need to strengthen the responsibility of owners and managers. Banks are not managed by supervisory authorities, but by owners and managers, ‘- the head of the Central Bank said.
👉 Despite sharp criticism from the opposition factions, the report was adopted by the State Duma with an overwhelming number of votes. Over - voted 316 parliamentarians and only 22 people elected to oppose the adoption of the report of the Central Bank.
👉 I did not use the word ‘people’s representatives’ in vain, remember these 22 People and other 316 deputies more closely, which then will be put in the fact that they did not do anything wrong, only they pressed buttons…
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