CHERVONETS und Andere - 500 Beiträge pro Seite

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[Source: Izvestia, August 27]
Aug. 28--RUSSIAN "DE-DOLLARIZATION" UNDER WAY. An article by
Georgi Osipov in yesterday`s {Izvestia}, titled "Bush`s
Nightmare," says that "Russian monetary authorities seem to have
started the de-dollarization of the economy." Osipov recalls that
the dollar achieved its recent world status after its separation
from gold--the abandonment of "a basic principle of the
Bretton-Woods conference." Since then, since 1971, our "green
friend" has been "based upon trust in God, as written on the
notes, as well as on the belief in the development of the U.S.
economy. But prospects for this are now highly dubious," he
writes.
Under these conditions, Russian banks are taking measures
replace the dollar in financial operations. In the first five
months of this year, ruble-denominated lending by Russian banks
increased by 23.7%, while foreign-currency-denominated lending
rose only 15.1%. The share of loans denominated in foreign
currencies, declined from 38.5% to 36.8%, during that period.
Sberbank, the Russian state savings bank, is allowing
customers to open euro accounts, and to convert their dollar
accounts to euro accounts in a matter of two minutes. Osipov`s
analysis, however, is that a Russian-European-Chinese "monetary
alliance against the dollar is not possible today," because so
much Russian capital has taken flight to the United States. "If
Russia [officially] abandoned the U.S. dollar, U.S. officials
might disclose the names of very influential Russians, hiding
their fortunes in the United States." Thus, {Izvestia`s} author
discovered a serious reserve of the U.S. dollar: the Russian
criminal economy.

[Source: Kommersant-Bank, August 23]
Aug. 28--MORE COVERAGE OF THE CHERVONETS. The monthly supplement
to {Kommersant} dedicates its whole front-page article to the
newly circulated gold ruble (chervonets), the "10-ruble" coin
issued in 1975-1982, and designed as an exact copy of the
original Soviet gold ruble of the 1920s. In his decree signed
June 18 and promulgated in July, Central Bank Chairman Viktor
Gerashchenko declared the chervonets, and the "3-ruble" silver
coin called the sable (issued in 1995), to be legal tender.
{Kommersant`s} Yelena Kiselyova writes that the coins will
not likely be used to buy beer on the street, but will be kept on
deposit in banks. The chervonets and the sable are highly liquid,
and operations using them are exempt from the VAT tax. So far,
the chervonets has not become "popular," because banks are
selling it at above the world price for gold. Sberbank offers the
7.74234-gram coins for 3000 rubles, Vneshtorgbank for 2900
rubles, and the Nomos Bank (established in the post-Soviet
period) for 2150 rubles. The ex-Soviet banks explain they are
selling coins which they purchased when world gold prices were
higher than today. "Since the Central Bank has not yet quoted its
official price, clients are actually paying for the losses of the
other banks on their former gold operations. Such investments
will be profitable only in the event that world gold prices rise.
But, that will apparently happen soon, in view of the crisis
tendencies on global financial markets, and pessimistic forecasts
on the U.S. dollar," concludes Kiselyova.

ENDE


Siehe auch den Thread:
"Thema: Wirtschaftskriminalität - Gold - Geld - Zinsen - Aktienmanie "
http://www.wallstreet-online.de/ws/community/board/threadpag…

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[Source: Reuters, New York Times, August 28]
STANLEY FISCHER ADMITS THE GLOBAL ECONOMIC SITUATION IS
"VERY, VERY UNCOMFORTABLE." IMF Deputy Managing Director Fischer,
in a pre-retirement briefing, announced that, "we," at the IMF,
"don`t have a definition of a world recession." He then said,
that "if we had one, we would probably say we are in a
significant slowdown and we wouldn`t quite know whether we are in
a global recession yet. My guess is we are a little short of
that. But it`s very, very uncomfortable," citing the contraction
of the Japanese economy and the rapid slowing of the U.S. economy
as problems which are, in turn, causing trouble for economies
like Turkey and Argentina.
This note of pessimism from the #2 man at the IMF was played
up in the Russian press today.