Оппозиционный политик, глава Национального банка Украины (2010—2012 гг.) Сергей Арбузов опубликовал новую запись в своём блоге:
The long period of negative interest rates checks the strength of the classical monetary approach right now. Money ceased to generate income and become a burden in Europe. For a long time, I propose to to extend the concept of international reserves and include to such reserves not only monetary gold, securities and deposits, but also real values, primarily raw materials and products that can be adequately assessed. Actually, such resources will be the basis for the country's wealth in the future.
It is important to say that the international reserves of the country belong to the country itself, rather than the central bank. Especially if we are talking about country with natural resources and production technologies. That’s why calculation of oil reserves always includes the possibility of their production in the framework of existing technologies. This is the real asset of the country and a resource for its growth. At the same time, the traditional international reserves in the conditions of uncontrolled emission of reserve currencies do not have economic sense today. Wherein the access to the international reserves for developing countries is difficult because of political reasons.
And now we can see how the «golden billion» countries fell into the trap of non-standard monetary instruments. In coditions of deflation and negative interest rates become cheaper to keep the money under the pillow, than to pay for their accommodation at the banks. I hope that the economic absurdity of this process will encourage governments and central banks to understand that economy is the primary compared to the monetary system.
The idea of keeping piles of cash in high security vaults may sound like something from an old movie plot, but some banks and insurers have recently started considering the idea as interest rates sink below zero across much of Europe. Europe’s
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Оппозиционный политик, глава Национального банка Украины (2010—2012 гг.)
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