Gaius
1
I’ve been coming across various snippets of this speech givne by Vladmir Putin.
It’s contains enough truth to be worrisome.
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Camp
2
What the puppet should have talked about.
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I never thought I would live to see the day when Vladimir Putin was more astute than our own President. Yet, here we are.
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Gaius
4
Here is another part of the same speech (June 17).
This part explains, (with some truth) how the West, esp., US, printed up money, used it to buy up imported goods and commodities . . . & the increased demand IS inflation (this much of Putin’s comments are true.)
He maintains that worldwide inflation was triggered by the US and Europe printing money during COVID. His statement implies that the US and Eurpean inglationary policies were the primary cause of worldwide inflation and commodity shortages.
If we take out the world “primarily” and subsitute “in large or small part”
his statement would be accurate.
https://twitter.com/i/status/1565704584747749382
Guntsu
6
That is some substitute
Come on man I thought you understood “markets” why buy into Vlad’s rants?
Gaius
7
The fact that Putin uses a degree of truth when discussing inflation
(Western economies printed money to pay their surging deficits, the price of all commodities increased etc.) makes hime sound much more credible than the guy who blames corporate profits . . . then leans i nto the microphone to rewhishper “corporate profits.”
I majored in economics and the science in pretty clear on the topic. Although Putin is not speaking 100% full-picture truth:
- the two men are as different in their explanations as a guy arguing evolution vs a guy arguing 10,000 year old earth and 7-day creation. (Biden is THAT FAR from accurate.)
Gaius
8
Because one guy is arguing young earth, and 7-day creation,
while the other is using partial truths and evolution.
I’d ask for your money back.
Gaius
10
LOL Biden has a plan for that . . . but I graduated years ago.
Anyway the quick and dirty first-I–could-find graphic that punches a hole in Putin’s speech, (which is much much closer to true than Joe Biden’s seven-day creationism) is this:
The fact is that in recent decades economists worldwide have studied from the same bad Keynesian textbooks, so economists in the US and Europe and Russia and the third world all cranked up their printing presses, because that is what their textbooks told them to do.
Gaius
11
One (of many) tests of modern economic science is that we can look back in time and show a direct correlation between when the central banks printed money and when inflation occurred. We can also do so regarding how much money they printed and how much infaltion occurred.
We can do that
- across different times and
- across different countries.
What we canNOT do, is show that corporate greed mysteriously increased or decreased in the same way.
It’s like evolutionary science vs “the animals came off the ark that way.”
Gaius
12
Putin’s argument here is to note that when the US/Europe cannot afford things, (either because of long-term trends or short term crises like COVID) we print-up dollars or Euros.
- Printing dollars or euros allows the West to buy things we normally could not, IOW increases demand
- increased demand drives up the price
- everyone else (like 3rd world countries) now face higher prices, but they cannot print dollars or Euros that would be counterfeiting
- So the west enjoys the benefits of money printing, the 3rd world stays poor and hungry.
He then extends his argument to make some related points,
but his thesis is that currency-prining, by western countries, is a form of colonialism, we enrich ourselves and drive up prices in the rest of the world. The high prices countries now face are not their fault, and not Russia’s fault. High prices are the result of infaltionary policies infecting the world markets.
Interesting, no?
Publius
13
Is Putin really the best source of economic knowledge?
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Gaius
14
LOL
No what he is doing he is twisted-science. (His “analysis” completely over looks some pretty major stuff)
Still, I thought folks here might find it interesting because Putin’s (twisted) science is starkly different from Biden’s “corporate greed” explanation.
When it comes to economics
Putin uses science, but twists it.
vs.
Biden panders to his base saying “animals are like that because they came off the ark that way”
last i checked other countries could print pesos and drachmas or whatever they use.
Gaius
16

and that is an important part of what causes inflation in their respective countries
and that is a big part of what his rhetoric conveniently ignores
Well, no. It’s made entirely in bad faith, just like his prior claims and justifications for invading a sovereign neighbor (Nazis; drugs; bio-labs; nuclear weapons; imperial destiny; it’s all part of Russia, anyway, etc.).
It’s interesting in terms of rhetoric and propaganda.
Vladimir Putin has been in charge of that country for over 20 years; in the process, he’s become (probably) the richest person in the world. Meanwhile, he and his band of kleptocrats have looted the Russians of billions as their economy has stagnated for the better part of a decade.
Now, the economy is shrinking, the country is a pariah state, and they’re losing a war that’s exposed their military as a rusty husk. Forgive me if I don’t find him engaging on global finance and colonialism.
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Gaius
18
Notably, the Ub Conference on Trade and Development (193 members)
came out on the opposite side today (Monday.) They think the US and other central banks are doing TOO MUCH to combat inflation.