In recent years, Russia actively increasing its gold and currency reserves (GCR). When this happens and the change of their structure — if at the beginning of the Millennium in fact the gold was only about 3% of all gold reserves, and the rest was a currency, currency accounts abroad, foreign securities — now the percentage of gold in international reserves rose significantly (20%) and grows on. Now the country has more gold than it was in Stalin’s postwar Soviet Union, but the structure of the reserves is still similar to that of third world countries — the developed countries, gold is usually more than 70%. It is natural — why, say, the United States reserves in dollars if they can print as many as you want?
In recent years, Russia actively increasing its gold and currency reserves (GCR). When this happens and the change of their structure — if at the beginning of the Millennium in fact the gold was only about 3% of all gold reserves, and the rest was a currency, currency accounts abroad, foreign securities — now the percentage of gold in international reserves rose significantly (20%) and grows on. Now the country has more gold than it was in Stalin’s postwar Soviet Union, but the structure of the reserves is still similar to that of third world countries — the developed countries, gold is usually more than 70%. It is natural — why, say, the United States reserves in dollars if they can print as many as you want?
the share of us securities. It’s not really profitable, because the American dollar is the currency rising compared to other currencies, but for us “toxic” — we may at any time, as international practice shows, to be under sanctions. Increased the share of the yuan, which naturally we have a lot of buying from China directly or indirectly (a significant proportion of world production dependent on Chinese parts and other goods).
This is, in General, well, “store is no sore”, and bad to be left without gold reserves, especially when the future looks dangerous. But whether the gold reserves of self-value? No, all stock, always have in mind some purpose. Grain reserve the farmer — for food and seeds in case of lean years, the money savings from modern family on children’s education, in case someone’s disease, etc. the Aimless accumulation, “plyushkinism” is a disease.
So what are our gold reserves? If we turn to the recent history of gold reserves came in handy during world wars for the same goals, but with different result. In the First world war Russia bought abroad a lot of military supplies, as their production was not enough, and in many positions simply did not exist. Not only the engines and machine guns, but, for example, cotton is gunpowder, and, sorry, a soldier’s pants. At the same statistics, tsarist Russia retained the gold reserves at 1250 t��NN gold, but figure this crafty two-thirds of the gold was abroad, the weapons we gave credit, but the loans are guaranteed by the supply of gold, and it continued to be regarded as Russian “gold abroad.” It to us did not return. According to estimates white emigre historians, only a quarter of the Russian paid orders came to Russia, and a large part and generally not been implemented. In General, the fate of the “king’s gold” — the topic is vast, and in this field continue to battle the Bolshevik historians with Kolchak, but the key thing to understand: during the war England, France, and the United States in particular increased their gold reserves, and Russia — spent (of course, in the First world it is necessary to include the intervention of the Entente in Russia). Why? Because the Western powers were economically developed and not only spent on the war, but the war earned, with a developed industry and a source of raw materials.
somewhat similar situation took place in world war II — we also received from the West materials and military equipment, and also paid the gold — although the US gave something and so, England was not engaged in charity. But we already had a powerful industry, most of the weapons we made ourselves, and therefore we withdrew from the war, having reserves of 2,000 tons of gold. It is very useful to us during the period of the cold war, and then. I remember a story of one expert from Star city that one of the centrifuges for training, bought in Sweden at a cost of 11 tons of gold.
but the experience of spending the gold reserves in peace time (there were such times) also says clearly — we bought the equipment, goods, products, that is, it turns out that if our country was more advanced industrially, and gold we should not have had, even during the war.
did I say something trivial? But he had said, absolutely the same idea expressed in one verse of the 1st Chapter of “Eugene Onegin” by Alexander Pushkin (with reference to Adam Smith) almost two hundred years ago. Industrial development are the replacement of foreign exchange reserves, with only one difference — the industry is working constantly and continuously profits, while the reserves (especially non-monetary) cost for their storage and maintenance.
There is another feature of our gold reserves, in my opinion, significant. This applies to non-metallic part, which reaches 80%. Corruption potential. Many of you know or can easily imagine that the commercial banks are always interested in attracting customers. “Bring a client will receive the award”. But if we are not talking about hundreds of thousands of dollars, but billions? Therefore, there is a danger that someone of the officials making decisions on the deployment of Russian funds in Western Bank accounts or the purchase of any price��’s papers and to the “gratitude” of one sort or another, to keep track of which of our competent bodies is physically impossible. It is clear that all financial transactions are somehow justified and perhaps necessary, but looking from the outside, not everything can be understood. For example, why we issue securities and pay them a few percent, and themselves acquired foreign securities with a yield of one percent. Where is the trick?
in addition, although it is believed that metallic gold has a number of drawbacks (in which case it must also sell or agree on a trade for gold, which is not easy) — still storage of emergency reserves abroad, but still under the control of “probable partners” well, it does not contribute to sovereignty and independence in the political decision-making. I’m not saying that the abuses in the placement of reserves abroad exist — but they are possible. I recall a historical anecdote: Spartan commander Lysander reprimanded the soldier that came down during a hike out of the way. When he said he withdrew from the squad without a goal, something to steal, Lysander said, “I want you to not even like trying to Rob”.
So it’s better at least to recover the inventory, so stupidly wasted in the reform process. But it would be better to direct these funds into the country, the restoration of the industrial potential. In the current situation (no Gosplan or Gossnab; Ministry of economic development will not replace them) direct public investment, except in infrastructure projects is inappropriate. It’s not just “master funds”, and to apply them so that they make a profit, that is good. With this rather cope an existing successful business. But it is more appropriate not government subsidies, and its own, they earned the money which is now through taxes confiscated from him for the formation of that most of these gold reserves, their “nezolotaja” part. Simply put — it is necessary to change tax rules to encourage businesses to invest in expansion of production.
This is no easy task, but it must be solved now — we’re so far behind from the world, and this gap need to catch up, the events are rolling like a snowball, and we must be ready for them.
