There Is No Stabilization Fund Any More, It Was Quietly Halved

The Russian stabilization fund stopped its existence. The representative of the Ministry of Finance Peter Kazakevich informed today about it. Reserve Fund and Fund of National Well-Being will appear instead of Stabilization Fund which since 2004 has saved up almost 4 billion roubles. They are formed, as Stabilization Fund before - from oil-and-gas incomes.

 

The Reserve Fund can be spent on financing of the budget or preschedule repayment of external debt. The Fund of Well-Being is created for co-financing of voluntary pension accruals. They promised to invest the funds not so conservatively as before.

- Briefly it can be formulated as "dark business", - editor-in-chief of FORUM.msk Anatoly Baranov commented on it. - Stabilization Fund was based unexpectedly and not quite lawfully. It was filled in absolutely obscure way and its means were somehow invested in something, it brought some percents, then percents brought other percents and all that, I shall repeat, was controlled in absolutely obscure way. Both to parliament and society only one parameter was known - for today in there are so and so money in the "All-Russian egg-pod". Now we are informed - Stabilization Fund is divided into two parts, both of them will be obscure as well as a whole. They also promise that expense part of these obscure schemes will be "less conservative". And what about the budget for 2008? There is Stabilization Fund concretely stated there, meanwhile there is nothing what we have now instead. So, how is Ministry of Finance going to follow this law?

 

"The most harmless that could be here is political strategist the decision, - Anatoly Baranov noticed. - Stabilization Fund as an idea and practice is unpopular among people and it was decided to replace it with something different, having told thus that it would work in a different way, that is better. Certainly, they will steal all the same but not so much. But only 2 months ago Maxim Kalashnikov published on FORUM.msk a material under the heading "Whether They Will "Saw" Stabilization Fund and Gold and Foreign Exchange Reserves?" Well, there is no such question any more - they sawed. I can't restrain myself, I will broadly quote Kalashnikov".

 

Arrest of Storchak, most likely, means aspiration of Putin's grouping to take Stabilization Fund and, probably, gold and foreign exchange reserves of the Central Bank under control of the governments. Till now liberally-fundamentalist, westernized grouping (Kudrin, Ignatyev and Chubays standing behind them) controlled it. They poured showers of gold on the West, deducing enormous money from economic turn of the Russian Federation, "sterilizing" them. (...)

 

I shall stipulate at once: I would like very much to be mistaken in my calculations. But present time is so ugly that everything could turn out to be real.

 

The Russian Federation - is the country of the won gangsters. The first series of Criminal revolution - mafia-thievish 1990th years, especially their first half. A threat of recurrence of the same story is now on hand. But with much more destructive consequences. The criminal aposteme in the central authority had time to ripen.

 

Situation is approximately as follows: already in the end of Putin's boarding (2000-2008) the most supreme hierarches of a mode, probably, ate to repletion and would be glad to stop general larceny of officials so that not to ruin the Russian Federation.

 

There are people of the second-third echelons of authority and they are still hungry. They continue to steal and plunder, not caring a bit about the future of the country. Meanwhile the supreme hierarches of the Russian Federation are too weak and irresolute so that, similar to Stalin, to bridle these bureaucrats of "silver" and "bronze" parts.

 

Discord is on in the supreme echelons of power in the Russian Federation, simultaneous action of absolutely opposite aspirations - development and degradation.

 

There is no wondering about it. It is necessary to remind that Leningrad-Petersburg in the beginning of 90th years was supervised by mayor Sobchak. It had a reputation of the center of criminality, bribery of officials and the center of numerous criminal-corruption scandals those years. The mode that was in the country from 2000-2008 has grown from Sobchak's mayoralties. This is the staff that went up in that very "gangster Petersburg". It is natural that, having come to the Kremlin, those creatures-mutants did not hurry up to change former habits. They had time to eat to their fill - but now the mutants of the lesser ranking want to eat.

 

Stabilization fund of the Russian Federation and Gold and Foreign Exchange Reserves appeared to be under their formal control over the end of the first decade of the twenty first century. All in all - nearby one and a half trillion dollars. (On demand of Washington these money are in the western banks and western securities). But curious process has begun at once: quasi-state companies ("Gazprom", "EUROPEAN ECONOMIC COMMUNITY", "Rosneft", "RZhD") controllable by successors of Yeltsin's mode got fantastic debts in foreign banks. To 2007 - it's 300 billion dollars.

There is quite real threat that these companies will fail to repay the debts and - the West will take Stabilization Fund from the Russian Federation.

 

The critical moment comes now for the Russian Federation. Banks of the Russian Federation are in a fever: they suffer from the lack of liquidity. "Gazprom" is unsteady under a cargo of foreign credits. It, "Rosneft" and others quasi-state got inadmissibly great sums of foreign loans. They have all the time to get new loans to pay off old credits. But if the West tormented by the sharpest bank crisis, would cease to give them, a default will follow. Then, who knows, it will be really necessary to give abroad more than a half of the reserves saved by the government and Central Bank of the Russian Federation.

 

Great danger is on hand: "privatization" of gold and foreign exchange reserves and stabilization fund of the Russian Federation. Just think: corrupted officials in large corporations will get the western credits, will use them in no-purpose way (will get enriched personally) - and then a default will come. The state will have to pay for the debts with the West. Meanwhile stolen billions will remain in personal pockets...

 

It seems to me, such script is quite real...

 

"The same with me, - Anatoly Baranov added. - Michael Deljagin a month earlier than Kalashnikov gave to FORUM.msk the following comment: "There is such an impression that someone from the upper staff considers Stabilization Fund his own pocket". It's strange, but I have the same impression. One more time I quote Deljagin".

 

Make-out from the beginning of operations on accommodation of Stabilizations Fund's means weighed according to its currency structure made 10,23% of annual in US dollars. So high level of profitableness forces to suspect that operations with its means are more risky, than they are usually considered to be. Currency difference on the rests of means on its accounts in foreign currencies from the beginning of the year made-53,10 billion roubles. (1,8% from the mid-annual rest of all its means). Item-by-item financing of expenses of the federal budget remains quite irregular. At the general lack of financing on 4.9% no direction was financed entirely. Best of all - on 99,2 and 98,8% accordingly - defense and safety with law enforcement bodies. Ecology (97.6%), social sphere (97.3%), interbudgetary transfers (96.8%), education (96,4%) were financed better than average level. A little bit worse than average level were financed housing and communal services (93.4%), culture (93.2%) and ostensibly priority public health services (92,7%). Amazingly that federal expenses without expenses on state debt service, financed only on 84.0%, appeared to be the main "castaway" of Ministry of Finance in January-September, 2007 and not economy. Thus, a real priority of the Ministry of Finance is replenishment of Stabilization Fund which is carried out even with advancing of the schedule; meanwhile supply services for the sake of which it, as a matter of fact, exists, appear to be minor business which can to be sacrificed not even at the shortage of means, but at simple reduction of additional incomes.

 

- And now it is high time to cover up traces, - Anatoly Baranov believes. - There is a month up to presidential elections and not everything is smooth with a rating. Then there will be a long-long term transfer of powers, their sharing and re-sharing and then there will be summer. Well, by the autumn there will be no alive witnesses of what happened then with Stabilization Fund in the previous reign. I shall not be surprised, if Stabilization Fund will be divided in two literally, that is it will be halved. What?