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| Russia's own Federal Reserve Bank photo source |
In what seems to be the stirrings of a Russian “End the Fed” movement, a band of Russian Duma deputies has embarked upon a mission of removing the power of setting interest rates from the Russian Central Bank and placing it in the hands of the government.
Thus, the Central Bank would be left only with regulatory duties, while placing the authority of setting interest rates in the hands of the Russian government.
United Russia Deputy, Yevgeny Fyodorov, a supporter of the new legislation and a member of the Duma’s Budget and Tax Committee, stated that shifting the responsibility of setting interest rates to the Russian government would “enliven the Russian economy and create new jobs.”
Fyodorov also stated that the Central Bank, as it currently stands, holds itself apart from the problems of the Russian government and the Russsian economy in general. He claims that, if interest rates are set by the government as opposed to the Central Bank, they could be drastically reduced to the benefit of the economic activity.
According to the Moscow Times, the Russian Central Bank currently holds interest rates at around 8% for 2012. However, Fyodorov claims that a 1% percent rate would be more “appropriate” and that an interest rate of this amount would make the Russian Central Bank “more competitive with European banks.”
Going even further, Fyodorov told the Rossiiskaya Gazeta that the Russian Central Bank, which was only recently established in the 1990s, was “set up from the very first to realize the goals of the United States.”
Of course, while stating that the Russian Central Bank is a tool of the United States might be somewhat misplaced anger, Fyodorov at least has his sights set in the right direction.
However, it is not the United States as a traditional enemy nation that is manipulating Russian currency, so much as it is the same coterie of international bankers that manipulates the American money supply via the private Federal Reserve and the entire Third World due to the IMF and World Bank.
In all fairness, however, Fyodorov’s statement is not completely without merit.
This is because, after the fall of communism, the central bankers who dominate world finance have, through IMF shock therapy[1] and domestic manipulation of the Russian economy, largely slowed any growth in Russia, while feeding the American war machine to act as the battering ram for the implementation of the New World Order.
Predictably, Fyodorov’s plan is being met with both opposition and derision from the rest of the Russian political class. As reported by the Moscow Times, Prime Minister Dimitry Medvedev’s cabinet has refused to support the legislation. Likewise, “experts” have almost universally suggested that Fyodorov’s as ludicrous with some “industry insiders” suggested that the plan was making its rounds as joke emails.
Such ridicule is reminiscient of the treatment dealt to the lone voices of reason in the political wilderness of America like Ron Paul and Dennis Kucinich. Initially the criticisms of the private central bank are dismissed as conspiracy theory or fringe. But, as awareness increases and a movement grows with it, the need for an end to the private central banking system can no longer be relegated to the shadows.Fyodorov is, of course, not alone in his battle against the private central bank. Also supporting the bill are: Anton Romanov, member of the Energy Committee; Andrei Murgoi, member of the Financial Markets Committee; and Viktor Zvagelsky, deputy chairman of the Duma’s Economic Policy, Innovation Development and Entrepreneurship Committee.
Although Fyodorov’s suggestions that such low interest rates at the highest levels will spur growth might bring with them some problems as well as benefits, the fact is that Fyodorov and his colleagues are undoubtedly on the right track.
While it is unlikely that the private central bank will surrender any of its authority without a fight, it is high time that courageous Russians step into the ring.
[1] Tarpley, Webster Griffin. Suriving the Cataclsym. 3rd. Edition. Progressive Press. 2011.http://www.amazon.com/Surviving-Cataclysm-Through-Financial-History/dp/1615776001/
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Brandon Turbeville is an author out of Mullins, South Carolina. He has a Bachelor's Degree from Francis Marion University and is the author of three books, Codex Alimentarius -- The End of Health Freedom, 7 Real Conspiracies, and Five Sense Solutions and Dispatches From a Dissident. Turbeville has published over one hundred articles dealing with a wide variety of subjects including health, economics, government corruption, and civil liberties. Brandon Turbeville is available for podcast, radio, and TV interviews. Please contact us at activistpost (at) gmail.com.
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