GKO and inevitability

GKO and inevitability.


He wrote the article to the article, but it was a long time.
I hope that young people read about politics and economics here. This case was when many here were still children, but they do not study it at school. I will explain a little.
State short-term bonds (T-bills) are obligations, payments on which are guaranteed by the Central Bank. It is believed (as it is written in textbooks on bydloeconomy) that these are the most reliable securities of all.
At that time, after the rigged Yeltsin elections in 1996, a team of reformers gained time for freedom of action. And she came to a severe budget deficit. A salary delay of three months then seemed like a good state of affairs, as very often it was delayed by six and nine. The people closely followed the negotiations on the next loan from the IMF, the next salary directly depended on it.
Here they made a bet on T-bills. From the very beginning it was clear to every not completely stupid person that this is a financial pyramid, and it has an end soon. In the textbooks on bydloekonomika it is written that securities exist for attracting capital into production, there this capital earns money and is shared with investors.
The interest rate on the state short-term bonds was such that it was possible to earn these interests only on the drug trade.
And the T-bills were short money. Maturity dates were calculated in months. They were not investments. Investments are invested for years.
So, it was a purely financial instrument, the purpose of which is to attract money immediately, and there - though the grass does not grow.
But he had a second role, which appeared almost immediately and moved into first place. It has become a speculative tool. Perhaps it was conceived by the authors of the idea.
In the country at that time there was simply nothing comparable in terms of profitability. Easy Money. Accordingly, all investments have ceased, all loans. Banks invested in T-bills. The working capital of enterprises went there, too, and payroll money was scrolled there, for which it was all supposedly started. The economy in terms of the movement of its blood has stopped, all the big money flowed into the GKO.
It is clear that, like any pyramid, payments on previous obligations may be made only through the release of new obligations. Moreover, with even greater profitability for greater attractiveness. And the end was coming.Do you think it was incomprehensible to someone? - I was completely understandable. And the government was understandable, and it was clear to bankers who welded in bad money, they were not stupid there. Nevertheless, people on TV seriously discussed prospects, indicators and pretended that everything was fine.
They tried to delay the denouement, and there is an article about it. But not at all in order to mitigate the consequences or find a way out (it was not there, it is obvious), but simply in order to have time to get some more.
Then Kiriyenko was put in the position of prime minister so that he would announce a fait accompli - the pyramid collapsed. The government refused all obligations under the T-bills.
What did the "investors" count on? Understandably, everyone thought that his little man in the government would whisper to him in advance, and he would have time to jump out with profit. So it was, but not everyone whispered. In particular, SBS-Agro of Mr. Gusinsky flew by, and this was the end of the bank. Not really spread about whether they still paid to foreign investors. I think they paid, first of all, everything was controlled there.
The ruble collapsed, many Muscovites were very unhappy, and the people didn’t have much savings, there was nothing to lose, and they did not go abroad. Kiriyenko was indicatively fired, as if he had something to do with the crisis.No one else was punished. Everything calmed down. Yes, the economy rolled back a few years ago.
What is the lesson to be learned from this story?
Do not think that the state's economy is controlled by some financial geniuses, people with special entities. This is a rocket to launch, you need and education, and ability, and experience. And the finances are managed by the same people who are in the wards and at construction sites.
What is written in modern economics textbooks has nothing to do with post-industrial reality. Money has ceased to play the role of the blood economy. Securities do not have an investment role, it is in the twentieth place. This is only a financial instrument. That is, a speculative tool. There is no “commodity-money-commodity”, there is not even a “money-commodity-money”. Only “money-money” remains. In this formula, there is no place for the welfare of the people, nor for the development of any particular economy, nor for the world economy, nor for the progress of mankind in technical or any other way.
The concentration of money in private hands and in hands that also have private interests, plus the existing rules of the game inexorably led, lead and will lead to similar tricks. Look at the latest and current crises in the US, look at Greece.Money does not serve the economy; in today's post-industrialism, the economy does not need money. Money makes money in the sphere of money circulation with the help of speculative tools. And no one is responsible for any consequences.
Are there any mechanisms that keep finances, people who manage them, from such an economy in the toilet? The textbooks say that the market economy is a self-regulating system. Alas. Only honesty and responsibility. About responsibility under the existing political system is clear to everyone. And rely on the honesty of ordinary people in a society where wealth is the priority and measure of all things ...
In general, it will be again and again. And when this happens again not even here, we’ll have to answer. This is post-industrialism.

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  • GKO and inevitability

    GKO and inevitability

    GKO and inevitability

    GKO and inevitability

    GKO and inevitability

    GKO and inevitability

    GKO and inevitability

    GKO and inevitability

    GKO and inevitability

    GKO and inevitability

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