A lot of economics experts have no clue as to how an economy actually runs. They do, however, have a lot of nice theories. From Kirill Strelnikov at azerbaycan24.com:
From left to right, China’s President Xi Jinping, Russia’s President Vladimir Putin, Brazil’s President Jair Bolsonaro, India’s Prime Minister Narendra Modi and South Africa’s President Cyril Ramaphosa pose for the family photo of leaders of the BRICS. © AP Photo /Eraldo Peres
The hive mind, with access to political ears and mainstream media pages, claimed that Russia’s economy was smaller than that of Italy, based on GDP. Reality paints a very different picture. By Kirill Strelnikov RIA NovostiFrom left to right, China’s President Xi Jinping, Russia’s President Vladimir Putin, Brazil’s President Jair Bolsonaro, India’s Prime Minister Narendra Modi and South Africa’s President Cyril Ramaphosa pose for the family photo of leaders of the BRICS. © AP Photo /Eraldo Peres
As is often the case in the Western media, the most embarrassing facts are only covered when they can no longer be hidden, but even then unpleasant admissions are made with numerous caveats and excuses.
This week, the International Monetary Fund published a report, which drew the long overdue conclusion that the economic hegemony of the leading Western countries, represented by the G7, is shrinking as the BRICS (Brazil, Russia, India, China and South Africa) surge.
Its conclusions were, of course, ‘polished’ by all the leading Western media outlets, but one thing became clear: Any triumphant Western predictions about the BRICS in general, and Russia in particular, can be safely tossed into the rubbish bin.
In 2007, Western experts published a reassuring report stating that the total contribution of the BRICS to the world economy would not be comparable to that of the G7 until 2032.
Hundreds of thousands of ruble notes are being issued daily by our Treasury. This is done, not in order to fill the coffers of the State with practically worthless paper, but with the deliberate intention of destroying the value of money as a means of payment.… The simplest way to exterminate the very spirit of capitalism is, therefore, to flood the country with notes of a high face-value without financial guarantees of any sort.…The great illusion of the value and power of money on which the capitalist state is based will have been definitely destroyed.
Lenin, April 22, 1919.