Deglobalizing Russia – Carnegie Moscow Center – Carnegie Endowment for International Peace<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Interesting comment on Russia’s 3% budget deficit from Sergei Guriev, professor of economics at Sciences Po in Paris: The 3 percent GDP deficit is not large but because Russia lacks access to financial markets, it can rely only on its Reserve Fund. Given that the Reserve Fund accounts for only 6.7 percent of GDP, it … <\/p>\n
Continue reading “Russia’s unsustainable budget deficit”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-12749","post","type-post","status-publish","format-standard","hentry","category-stock-markets"],"yoast_head":"\nRussia's unsustainable budget deficit - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia's unsustainable budget deficit - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Interesting comment on Russia’s 3% budget deficit from Sergei Guriev, professor of economics at Sciences Po in Paris: The 3 percent GDP deficit is not large but because Russia lacks access to financial markets, it can rely only on its Reserve Fund. 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The present issues have taken a long time to evolve but are a consequence of that decision. Yesterday we showed how GDP had declined against the M2 money supply2 since the global\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59481,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/11\/26\/tariffs-trade-wars-and-the-triffin-dilemma\/","url_meta":{"origin":12749,"position":1},"title":"Tariffs, trade wars, and the Triffin dilemma","author":"Colin Twiggs","date":"November 26, 2024","format":false,"excerpt":"Free markets and global trade are great as long as everyone follows the rules and shares the surplus created. However, history shows that there are always actors who are prepared to further their interests at the expense of others. Many countries have employed beggar-thy-neighbor trade strategies to boost their manufacturing\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"US Manufacturing Jobs","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-25-mnfg-jobs.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-25-mnfg-jobs.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-25-mnfg-jobs.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":24841,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/03\/27\/decline-of-the-us-dollar\/","url_meta":{"origin":12749,"position":2},"title":"Decline of the US Dollar","author":"Colin Twiggs","date":"March 27, 2021","format":false,"excerpt":"In 1971 Richard Nixon took the US Dollar off the gold standard, creating the first reserve currency based on fiat. He had no choice. After LBJ's big-spending guns and butter program of the '60s, the US did not have enough gold reserves to cover its foreign debt. So the US\u2026","rel":"","context":"In "Debt Levels"","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9404,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/03\/08\/in-the-real-world-the-trade-deficit-is-more-important-than-the-budget-deficit-cepr\/","url_meta":{"origin":12749,"position":3},"title":"In the Real World the Trade Deficit Is More Important Than the Budget Deficit | CEPR","author":"ColinTwiggs","date":"March 8, 2014","format":false,"excerpt":"Dean Baker writes: ....the trade deficit is a direct measure of the amount of demand that is going overseas rather than being spent here. This represents income generated in the United States that is not creating demand in the United States. By definition, this lost demand must be made up\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16122,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/02\/23\/why-is-the-dollar-falling\/","url_meta":{"origin":12749,"position":4},"title":"Why is the Dollar falling?","author":"Colin Twiggs","date":"February 23, 2018","format":false,"excerpt":"The broad, trade-weighted US Dollar index has been declining since early 2017. This is the best explanation I have found for current US Dollar weakness. From Bank of Montreal, BMO Nesbitt Burns: The relationship isn\u2019t perfect, but as a general rule of thumb, the USD declines in years when global\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/commodities-gold-commodities\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12730,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/12\/14\/putins-popularity-explained\/","url_meta":{"origin":12749,"position":5},"title":"Putin’s popularity, explained","author":"ColinTwiggs","date":"December 14, 2015","format":false,"excerpt":"From Matthew Dal Santo at The Interpreter: The main point is, however, that Russia's 'conservative turn' since Putin's return to the Kremlin in March 2012 \u2014 widely deplored in the West as a creeping authoritarianism with roots only in the wiles of Putin's mind \u2014 may be closer to the\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=12749"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12749\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=12749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=12749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=12749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}