“It’s America to be blamed for all that!” insist television propagandists and high ranking Russian officials. Well, that’s really something new, as before it was Chubais to be blamed for everything.
Though, all that reminds of a senior school boy caught in the act of drinking. “Why me? It’s Alex to have brought vodka. I didn’t want to drink at all!” Really, what are our complaints about America? If their lightweight dollars hadn’t come to our stock market, if it had stayed on the level of 2005 (600-800 points of index) or just had grown up to modest 1,000-1,200, then there wouldn’t have been this stunning fall. But our market has obviously taken the “Alex’s vodka”. In the second half of 2005 alone it grew for 85%. Can that be possible? No, it can’t. But we decided that as we are so good and underestimated, then all that could have happened to us. In 2006 the index grew for another 60%. And then it grew even more. From May 2005 to May 2008 the index of the Russian Trading System (and accordingly the capitalization of the Russian companies) has grown almost 4 times from 650 points to 2,487. Someone else would think something is wrong about that. But we decided it’s thanks to Putin and sovereign democracy, and that it’s all the obvious signs of revival of Russia.
Of course, availability of dollar credits and the surplus of capital in the world have caused the crisis. But it is only Russia to have been standing under this golden rain for four years. And when the rain was over, she decided to make complaints about the skies, calling to the multi-polar order to be established in the world.
The infantile-like reasoning about decline of America, coming out from the subcortex of the soviet-chekist consciousness, is not as funny as it might seem. That is, if we talk about decline of America and the collapse of American system, then, first, there is nothing to be regretful about and, second, anything may be allowed.
Really, if we realize that it’s Russian corporations – half-private and private – to have taken credits for buying new assets or for selling this money to Russian home borrowers, then a question arises: what is the reason that we must pay from our national reserves for the credits taken by them? Let them sell their assets. Why must a businessman X pay taxes that go for buying up the debts of those organizations that took cheap money in the West so that to lend this money to same Mr. X with 3 times as big price? That’s an absurd and that’s double robbery!
Another matter when it comes about the crashed America that has let down everyone and now is sinking herself. In such a case, salvation of our corporations looks necessary and very patriotic. Here you cannot ask a question about why we should spend the means from the Fund of National Wealth on that salvation, and why the petroleum companies, that are rich enough, are granted the reduced taxes and delays against the background of oil price of $90 per barrel, while everyone else is subject to just the opposite. You cannot ask “Why are you getting into my pocket?”, when America is sinking. One must rejoice and not ask questions! Do you care giving 100 rubles to help her sinking!
As a matter of fact, the point of the historical moment is that if we do not convince ourselves and others that it’s America to be blamed, then obvious becomes another fact – the fact of failure of the economic ideology of the sovereign democracy.
Russian corporations have been taking cheap credits pledging their own shares and they spent that money on buying up assets and on feeding the home market. In 2006 alone, when other developing countries increased the direct investments, Russian companies attracted 3 dollars of credits and loans to each dollar of direct investment. As a result, Russia got the share of 30% of all the credits given to the developing countries and only 9% of the global direct investments. “Why must we accept investments and share our profits with someone? We had better take cheap credits from them and sell to them our oil with exorbitant price, and thus we will be returning them their money and gain good profits”. Such was the course of reasoning by the ideologists of that “sovereign maneuvering”. That’s not even gambling, as they call now the stock markets in Russia. That’s an idiot’s dream come true. But exactly that way our sovereign democracy was arranged in its economic dimension.
The matter is not about the credits. Returning the credits is no problem at all. The real problem is that having taken a great number of deposits and assets and having ousted foreigners from the home projects, the flagships of the sovereign democracy find themselves to be back to square one. They have no money to develop those fields and deposits and assets, and the money is not going to appear. And no cheap money is going to come for restructuring of the hastily made purses of the state corporations. And without cheap credits the flagships of the sovereign democracy remind of old tubs. So the talks about crash of America are just a prelude for prolonging their life with the money from national reserves and Stabilization Fund, as actually now there is no other way of keeping the sovereign democracy afloat.