After the head of the Central Bank of Russia, Elvira Nabiullina, called an emergency CBR meeting Aug. 14 to raise interest rates from 8.5% to 12%, purportedly to stop the ongoing sharp devaluation of the ruble, leading Russian economist Sergey Glazyev issued two posts on his Telegram channel that were sharply critical of this monetarist “shock therapy” approach.
On Aug. 14 Glazyev wrote: “In every wave of ruble devaluation, speculators close to the monetary authorities make huge profits by manipulating the market. This is a criminal affair, to which neither law enforcement nor the regulators pay attention. In any country with a developed market economy such manipulators would long ago have been jailed, one after another. But here they become billionaires, at the cost of depreciation of everyone else’s income and savings. And they’re still babbling about monetary policy being too loose.” (https://t.me/glazieview/3830)
