https://www.youtube.com/watch?v=X06s9ay7SsQ
Interest-Free Finance is Being Seriously Discussed in Russia
http://journal-neo.org/2015/11/22/russia-debates-unorthodox-orthodox-financial-alternative/
Russia is in a fascinating process of rethinking
every aspect of her national economic survival
because of the reality of western attacks.
http://www.911forum.org.uk/board/viewtopic.php?p=171565#171565
It could produce a very healthy transformation
away from the deadly defects of the Anglo-American free-market banking model.
F. William Engdahl
(New Eastern Outlook) Wed, Dec 9 | 4,264 41
http://russia-insider.com/en/christianity/russia-debates-unorthodox-orthodox-financial-alternative/ri11620
Popular with religious types. The Russian
proposal bears similarities to Islamic Finance
This article originally appeared at New Eastern Outlook
A significant debate is underway in Russia since
imposition of western financial sanctions on
Russian banks and corporations in 2014.
It’s about a proposal presented by the Moscow
Patriarchate of the Orthodox Church. The
proposal, which resembles Islamic interest-free
banking models in many respects, was first
unveiled in December 2014 at the depth of the
Ruble crisis and oil price free-fall.
This August the idea received a huge boost from
the endorsement of the Russian Chamber of
Commerce and Industry. It could change history
for the better depending on what is done and where it further leads.
Some 20 years ago during the Yeltsin era, within
the chaos of Russian hyperinflation and IMF
“shock therapy,” the Russian Orthodox Church
introduced a similar proposal for interest-free
banking as an alternative. During that time a
gaggle of liberal pro-free-market Russian
economists around Yeltsin, such as Yegor Gaider,
prevailed. They instead opened Russia’s
state-owned assets to literal plunder by western
banks, hedge funds and corporations.
In my first visit to Russia in May 1994 to give a
talk at a Russian economic institute on IMF shock
therapy, I saw first-hand the lawless mafia,
russkaya mafiya, speeding through the near-empty
Tverskaya Street near Red Square in new
state-of-the-art Mercedes 600 limos without
license plates. It was a devastating time in
Russia and Washington and the technocrats at the
IMF knew exactly what they were doing to foster the chaos.
US sanctions focus attention
By 2014 much has changed in Russia. Most
significantly, the infatuation with everything
American of two decades ago has understandably
vanished. The US Treasury financial sanctions
were launched in stages in 1914 against specific
individuals around President Putin, specific
banks and corporations dependent on foreign
credit. They had the effect of forcing a critical
rethinking among Russian intellectuals,
government officials and in the Kremlin itself.
The Washington attacks, legally-speaking acts of
warfare against a sovereign nation, were
initiated by the US Treasury’s Office of
Terrorism and Financial Intelligence, the only
government finance agency in the world with its
own in-house intelligence agency. The Office was
created under the pretext of going after and
freezing the assets and bank accounts of drug
cartels and terrorists, something it seems
strangely inept at if we judge from their record
regarding groups like ISIS or Al Qaeda in Iraq.
It seems to be far better going after
“undesireable” countries like Iran and Russia. It
has offices around the world, including in Islamabad and Abu Dhabi.
Those US Treasury financial warfare sanctions and
the prospect of much worse to come have sparked a
deep debate within Russia on how to defend the
nation from more attacks. Vulnerability to
western sanctions in their banking system has led
Russia, like China, to develop an internal
Russian version of SWIFT interbank payments. Now
the very nature of money and its control is at the heart of the debate.
Unorthodox Orthodox Proposal
In January 2015, in the depth of the financial
crisis, with a Ruble at half what it had been
months earlier and oil prices in a free-fall as a
result of the September 2014 John Kerry-King
Abdullah agreement, the Moscow Patriarchate reissued its idea.
Dmitri Lubomudrov, the Orthodox Church’s legal
adviser told the media at that time, “We realized
we couldn’t stay dependent on the Western
financial system, but must develop our own. As
with the Islamic system, the Orthodox one will be
based not just on legislation, but on Orthodox
morality as well, and will be an invitation to
businessmen seeking security at a time of
crisis.” Among its features would be
interest-free credit issuance and prohibition of
investment in gambling casinos or such activities
going against Church moral values.
Then in early August this year the Orthodox plan
for interest-free money creation gained a major
added support. Sergei Katyrin, head of the
Russian Chamber of Commerce and Industry, after
meeting with Vsevolod Chaplin, the senior
Orthodox cleric overseeing the project,
announced, “The Chamber of Commerce and Industry
supports the creation of the Orthodox Financial
System… and is ready to provide its platform for
detailed and professional discussion of these
questions together with the relevant committees
of the chamber.” The proposal is aimed at
reducing Russia’s reliance on the Western banking
system, an essential national economic security requirement.
Much as with Islamic banking models than ban
usury, the Orthodox Financial System would not
allow interest charges on loans. Participants of
the system share risks, profits and losses.
Speculative behavior is prohibited, as well as
investments in gambling, drugs and other
businesses that do not meet Orthodox Christian
values. There would be a new low-risk bank or
credit organization that controls all
transactions, and investment funds or companies
that source investors and mediate project
financing. It would explicitly avoid operations
with active financial risks. Priority would be
ensuring financing of the real sector of the economy, its spokesman stated.
Interestingly, Russia’s largest Islamic
autonomous republic, Tatarstan, recently
introduced Islamic banking into Russia for the
first time and it was supported positively by
German Gref, CEO of the state-owned Sperbank,
Russia’s largest bank. This May, Gref called it a
very important instrument amid the current
problems with raising funds on international
markets. In July Sberbank and the Republic of
Tatarstan signed an agreement on cooperation in the field of Islamic financing.
Under Czar Alexander III and his Finance Minister
Nikolai Bunge, Russia established the Peasant
Land Bank in the beginning of the 1880’s to give
interest-free loans to the liberated peasantry
that had been freed from serfdom in 1861 by his
father, Alexander II and given land. The Land
Bank invested in the modernization of Russian
agriculture with farmers only paying a small
handling charge for credits. The result was such
a spectacular rise in Russian wheat, and other
cereals that Russia became the world “bread
basket” up to outbreak of World War I, exceeding
the combined production of the USA, Argentina and Canada by some 25%.
Glazyev proposals
The new prominence of the Orthodox Monetary model
in Russian discussions comes at a time when one
of Vladimir Putin’s economic advisers, Sergei
Glayzev, the person advising the President on
Ukraine as well as relations with fellow-members
of the Eurasian Economic Union, has presented a
plan for enhancing Russia’s national economic and
financial security under the quite sensible
assumption that the financial sanctions and now
military pressures from Washington and NATO are
no whimsical accident but a deep-seated strategy
of weakening and economically destroying one of
the two nations which stand in a way of a globalist US New World Order.
In May 2014, a few weeks after the Obama
Administration imposed a series of select
sanctions on key Russian individuals, banks and
energy companies, striking at the heart of the
economy, Glazyev made an interview with the
Russian financial paper, Vedomosti, in which he
proposed a number of prudent defensive measures.
Among them were several which are now policy.
This has included a credit and currency swap with
China to finance critical imports and a shift to
settlement in national currenciesRuble and RMB;
creation of a Russian interbank information
exchange system, analogous to SWIFT, for payments
and settlements within the Eurasian Economic Union and other partner countries.
A strategic proposal of Glazyev that the state
impose a halt on all export of gold, precious
metals, and rare earth elements, and that the
Central Bank buy up gold mined by foreign
companies to build monetary gold reserve
strength, was, unfortunately, refused by Central
Bank Governor Elvira Nabiullina who told the
Duma, “We don’t believe that a moratorium is
needed on gold exports. We are able to buy enough
gold to diversify our gold and currency reserves.”
Nabiullina has come under criticism from members
of the Duma for being far too slow in building
the gold reserves of the ruble. Russia today is
the world’s second largest gold producer after
China, and China has been building its Peoples’
Bank of China gold reserves in recent years at a
feverish pace. Western central banks, led by the
Federal Reserve, since gold backing for the
dollar was abandoned in August, 1971, have done
everything, including brazen market manipulation,
to discourage gold currency reserves around the world.
Most recently, on September 15 Glazyev presented
a new series of economic proposals to the
Presidential Russian Security Council to, as he
stated it, reduce the vulnerability to western
sanctions over the coming five years and achieve
foundations for long-term growth and economic
sovereignty. Among his proposals were creation of
a State Committee on Strategic Planning under the
President of the Russian Federation, together
with a State Committee for Scientific and
Technological Development, modeled on a system
created in Iran during the 1990s following the
introduction of Western sanctions there.
The first measure, creation of a Committee on
Strategic Planning, echoes the highly successful
French national Planification model introduced
under President Charles de Gaulle, that was
credited with transforming France from a stagnant
peasant-dominated economy to an advanced,
innovative modern industrial nation by the early 1970’s.
In the 1960’s France had a General Commission of
the Plan which surveyed the entire economy to
identify critical weaknesses that needed
attention for overall national development. They
would set goals for the coming 5 years. General
Commission members were senior civil servants
consulting with business leaders, trade unions
and other representative groups. Each proposed
plan was then sent to the national parliament for voting approval or change.
The crucial difference between France’s 5-year
Planification and the Soviet 5-year central
planning model was that the French was indicative
and not imperative as was the Soviet Five Year
Plan. Private or state companies could freely
decide to focus on a sector such as railway
development knowing the state would encourage the
investment with tax incentives or subsidies to
lower risk and make it attractive. It was highly
successful until the mid-1970’s when the massive
oil shocks and increasing Brussels supra-national
rule-making made it increasingly difficult to implement.
There are other features to the detailed Glazyev
proposal, among the most interesting his proposal
to use Central Bank resources to provide targeted
lending for businesses and industries by
providing them with low interest rates between
1-4 percent, made possible by quantitative easing
to the tune of 20 trillion rubles over a five
year period. The program also suggests that the
state support private business through the
creation of “reciprocal obligations” for the
purchase of products and services at agreed-upon prices.
Russia is in a fascinating process of rethinking
every aspect of her national economic survival
because of the reality of the western attacks. It
could produce a very healthy transformation away
from the deadly defects of the Anglo-American free-market banking model.
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Please consider seriously the reason why these elite institutions are not discussed in the mainstream press despite the immense financial and political power they wield?
There are sick and evil occultists running the Western World. They are power mad lunatics like something from a kids cartoon with their fingers on the nuclear button! Armageddon is closer than you thought. Only God can save our souls from their clutches, at least that's my considered opinion - Tony
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