28Apr

Russia’s Reliance on Imports Has Dramatically Decreased as Its Diversified Economy Has Substituted Most Imports

The Russian Central Bank is guided (among other considerations) in its inflation expectations by statistics produced by Rosstat (Russia’s governmental statistics agency) concerning the size of Russia’s imports relative to domestic production. The bank’s inflation expectation in turn is – judging by their policy statements – the decisive factor in its interest rate policy. Unfortunately, […]

Posted by Jon Hellevig
On April 28, 2016

14Apr

Russia Still World’s Sixth Largest Economy

Fresh data from the IMF (International Monetary Fund) shows that Russia has retained its place among the World’s largest economies. In the 2015 ranking, it is now slightly behind Germany just as in the previous year. China has drawn further ahead from the USA solidifying its lead as the world’s number one economy with 19.5 […]

Posted by Jon Hellevig
On April 14, 2016

27Mar

Share of Oil and Gas in Russia’s Tax Revenue Dropped to 21%, but the Threatened Devastation Failed to Materialize

We were being hammered with the message that Russia is nothing more “than a gas station masquerading as a country”. Russia’s economy was supposed to “be in tatters” once the oil revenue drained, for supposedly Russia produced nothing else. Well, now their dream of low oil prices have come true, but somehow it failed to […]

Posted by Jon Hellevig
On March 27, 2016

23Mar

The Hidden Story of Crimea’s Economic Success

Recently Crimea celebrated the 2nd anniversary of its reunification with Russia, marked on the day of the referendum that ended the Ukrainian occupation. Much has been written about the political and geopolitical aspects of the reunification as well as the social sentiments of the people, but little has been said about the economy. I want […]

Posted by Jon Hellevig
On March 23, 2016

02Mar

Russian Economy – the Disease Is Not Dutch but Liberal

There has lately again been a slew of articles in the Western business press denigrating Russia’s efforts to develop its industry condemning the drive for import substitution to failure and casting the curse of Dutch disease over it. I have taken part of these stories just as I was preparing my own article reporting in […]

Posted by Jon Hellevig
On March 2, 2016

19Feb

Absurd Central Bank Policies Deepen Russia’s Recession

The policy of the Russian Central Bank of maintaining the punitively high key lending rate is truly mind-boggling. First, they declared that they do it for the sake of inflation targeting but then there were indications they do it to uphold the ruble exchange rate. The policy is no good for either of the purposes. […]

Posted by Jon Hellevig
On February 19, 2016

15Jan

German Gref is So Wrong on Russian Economy

German Gref is So Wrong on Russian Economy The CEO of Russia’s biggest bank, the state owned Sberbank, German Gref delivered a scathing criticism of the country’s economy at an economic forum in Moscow 15th January. According to Gref, the biggest trend in the world economy is the “end of the hydrocarbon era”. He willingly shares […]

Posted by Jon Hellevig
On January 15, 2016

15Oct

The Inevitable Decline of the West — the Currency Monopolies Being the Last Bastion of the West

I am always perplexed when I hear claims about “economic growth being about to return” to Europe/USA, these claims being backed up with some insignificant economic indicator that the business journalists are desperately searching for. News like “consumer confidence blinking up in Germany”, “retail sales down less than expected”, “industrial orders up by 0,4%”. The […]

Posted by Jon Hellevig
On October 15, 2015

30Sep

Krugman, a Well Won’t Keep the Water You Pour into It

This article ties in with my previous post about the lessons we can learn about Japan’s failed deficit and QE policies. I am fascinated about this phenomenon Krugman and how he epitomizes the pseudo-science of Economics, complete with the Nobel Prize and all. Well, looking at the Peace Prize laureates from the past few years, […]

Posted by Jon Hellevig
On September 30, 2015

28Sep

USA and EU Following Japan’s Failed Deficit and QE Policies

This article is an extract from the Awara Accounting study about how the dollar and euro monopolies have destroyed the real market economy in the Western countries, and therefore in the whole world. The whole study can be accessed HERE. The dismal economic development of Japan after 1990 serves like a case study to illustrate the […]

Posted by Jon Hellevig
On September 28, 2015

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