Connect with us

Latest

Analysis

News

CONFIRMED: Russia’s economy markedly accelerated April to June

Faster growth in output against a background of rapidly falling inflation and higher saving

Alexander Mercouris

Published

on

887 Views

This article was first published by RussiaFeed

Rosstat – Russia’s state statistical agency – has now provided official figures confirming what was already known, which is that the Russian economy accelerated markedly in the second quarter, growing at an annual rate of 2.5% in the period April to June as opposed to 0.5% in the period January to March.

In addition the normally highly cautious Central Bank is now expecting either zero inflation or deflation (ie. falling prices) in August.

The latter is more likely as food production in Russia continues to grow, with the harvest now expected to be bigger than earlier estimates and total food production in Russia now expected to exceed last year’s total despite the cold spring and early summer.

Higher food production in the summer months traditionally translates into falling food prices in the summer, pulling overall inflation down, and it now seems all but certain that this will again be the pattern this year.

GDP growth in Russia tends to be higher in the second half of the year than in the first, though this is not a fixed pattern.  However with inflation continuing to fall and food production continuing to rise it is likely to be the case this year.

If so the possibility that in raw output terms the Russian economy this year will fully make up all the losses it suffered during the recession can no longer be completely discounted.

Since the recovery is investment and production led – as the Russian authorities have always wanted – it will take a little longer before Russian living standards fully recover to their pre-recession levels, though that too now looks certain to happen much sooner than anyone (including the Russian authorities themselves) expected.

Regardless, the economy should be on a steady rising curve by the time of the Presidential election next year, with the population becoming increasingly conscious of the fact.  If one supposes that Russian economic policy like economic policy in the West is driven by political concerns – which for the record I don’t think is the case at all – then the Russian authorities have achieved their objective of creating conditions for economic optimism before the election next year.

The observation that is often made about rising Russian growth rates this year is that at 2-3% growth in Russia remains unspectacular by world standards.

This however overlooks the key point that the priority for the Russian authorities is still not the overall growth rate but establishing a low inflation environment by holding inflation down below an annual rate of 4%.

The result is that Russia now has real interest rates of around 5% in contrast to the Western economies, which are generally growing at slightly below the current quarterly growth rate in Russia, but where real interest rates are either zero or even below zero.

The result is that growth in Russia is taking place against a background of increasing saving – of which there are now the first definite signs – whereas in the West it is happening against a background of rising debt secured against inflating asset prices (mainly land and stocks).

In the US and Britain higher saving usually takes place when companies and especially consumers have to pay down debt, and is generally a cause of recession because it leads to corresponding cuts in investment and demand.

Russia by contrast – through the deliberate actions of its government – is gradually becoming one of those economies – like Germany and the Far Eastern economies – where investment and demand are financed not through debt secured against inflating asset prices but through savings, which are accumulating in what is steadily becoming a low inflation environment.  Moreover the high real interest rates, by preventing the price of assets like land and stocks from rising too rapidly, tends to push investment away from those sectors into sectors like manufacturing and farming which the government sees as more productive.

That has historically led in those countries which have followed this model to higher investment in those sectors of the economy – first and foremost manufacturing, but also in Russia’s case farming – which lead to higher output, which is precisely what we see starting to happen in Russia now.

Continue Reading
Advertisement
Comments

Latest

“Foreign entity, NOT RUSSIA” hacked Hillary Clinton’s emails (Video)

Rep. Louie Gohmert (R-Tx): Hillary Clinton’s cache of 30,000 emails was hacked by foreign actor, and it was not Russia.

Alex Christoforou

Published

on

A stunning revelation that hardly anyone in the mainstream media is covering.

Fox News gave Louie Gohmert (R-Tx) the opportunity to explain what was going on during his questioning of Peter Strzok, when the the Texas Congressman stated that a “foreign entity, NOT RUSSIA” hacked Hillary Clinton’s emails.

Aside from this segment on Fox News, this story is not getting any coverage, and we know why. It destroys the entire ‘Russia hacked Hillary’ narrative.

Gohmert states that this evidence is irrefutable and shows that a foreign actor, not connected to Russia in any way, intercepted and distributed Hillary Clinton’s cache of 30,000 emails.

Remember to Please Subscribe to The Duran’s YouTube Channel.

Via Zerohedge

As we sift through the ashes of Thursday’s dumpster-fire Congressional hearing with still employed FBI agent Peter Strzok, Luke Rosiak of the Daily Caller plucked out a key exchange between Rep. Louie Gohmert (R-Tx) and Strzok which revealed a yet-unknown bombshell about the Clinton email case.

Nearly all of Hillary Clinton’s emails on her homebrew server went to a foreign entity that isn’t Russia. When this was discovered by the Intelligence Community Inspector General (ICIG), IG Chuck McCullough sent his investigator Frank Ruckner and an attorney to notify Strzok along with three other people about the “anomaly.”

Four separate attempts were also made to notify DOJ Inspector General Michael Horowitz to brief him on the massive security breach, however Horowitz “never returned the call.” Recall that Horowitz concluded last month that despite Strzok’s extreme bias towards Hillary Clinton and against Donald Trump – none of it translated to Strzok’s work at the FBI.

In other words; Strzok, while investigating Clinton’s email server, completely ignored the fact that most of Clinton’s emails were sent to a foreign entity – while IG Horowitz simply didn’t want to know about it.

Daily Caller reports…

The Intelligence Community Inspector General (ICIG) found an “anomaly on Hillary Clinton’s emails going through their private server, and when they had done the forensic analysis, they found that her emails, every single one except four, over 30,000, were going to an address that was not on the distribution list,” Republican Rep. Louie Gohmert of Texas said during a hearing with FBI official Peter Strzok.

Gohmert continued..

“It was going to an unauthorized source that was a foreign entity unrelated to Russia.”

Strzok admitted to meeting with Ruckner but said he couldn’t remember the “specific” content of their discussion.

“The forensic examination was done by the ICIG and they can document that,” Gohmert said, “but you were given that information and you did nothing with it.”

According to Zerohedge “Mr. Horowitz got a call four times from someone wanting to brief him about this, and he never returned the call,” Gohmert said – and Horowitz wouldn’t return the call.

And while Peter Strzok couldn’t remember the specifics of his meeting with the IG about the giant “foreign entity” bombshell, he texted this to his mistress Lisa Page when the IG discovered the “(C)” classification on several of Clinton’s emails – something the FBI overlooked:

“Holy cow … if the FBI missed this, what else was missed? … Remind me to tell you to flag for Andy [redacted] emails we (actually ICIG) found that have portion marks (C) on a couple of paras. DoJ was Very Concerned about this.”

Via Zerohedge

In November of 2017, IG McCullough – an Obama appointee – revealed to Fox News that he received pushback when he tried to tell former DNI James Clapper about the foreign entity which had Clinton’s emails and other anomalies.

Instead of being embraced for trying to expose an illegal act, seven senators including Dianne Feinstein (D-Ca) wrote a letter accusing him of politicizing the issue.

“It’s absolutely irrelevant whether something is marked classified, it is the character of the information,” he said. Fox News reports…

McCullough said that from that point forward, he received only criticism and an “adversarial posture” from Congress when he tried to rectify the situation.

“I expected to be embraced and protected,” he said, adding that a Hill staffer “chided” him for failing to consider the “political consequences” of the information he was blowing the whistle on.

Continue Reading

Latest

Donald Trump plays good cop and bad cop with a weak Theresa May (Video)

The Duran – News in Review – Episode 55.

Alex Christoforou

Published

on

US President Donald Trump’s state visit to the UK was momentous, not for its substance, but rather for its sheer entertainment value.

Trump started his trip to the United Kingdom blasting Theresa May for her inability to negotiate a proper Brexit deal with the EU.  Trump ended his visit holding hands with the UK Prime Minister during a press conference where the most ‘special relationship’ between the two allies was once again reaffirmed.

Protests saw giant Trump “baby balloons” fly over London’s city center, as Trump played was his own good cop and bad cop to the UK PM, outside London at the Chequers…often times leaving May’s head spinning.

Even as Trump has left London, he remains front and center in the mind of Theresa May, who has now stated that Trump advised her to “sue” the European Union to resolve the tense negotiations over Brexit.

Trump had mentioned to reporters on Friday at a joint press conference with Theresa May that he had given the British leader a suggestion that she found too “brutal.”

Asked Sunday on the BBC’s Andrew Marr Show what that suggestion was, May: “He told me I should sue the EU. Not go into negotiation, sue them.” May added…

“What the president also said at that press conference was `Don’t walk away. Don’t walk away from the negotiations. Then you’re stuck.”‘

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris summarize what was a state visit like no other, as Trump trolled the UK PM from beginning to end, and left London knowing that he got the better of a weakened British Prime Minister, who may not survive in office past next week.

Remember to Please Subscribe to The Duran’s YouTube Channel.

Via CNBC

It wasn’t exactly clear what Trump meant. The revelation came after explosive and undiplomatic remarks Trump made this week about May’s leadership — especially her handling of the Brexit negotiations — as he made his first official visit to Britain.

In an interview with The Sun newspaper published Thursday — just as May was hosting Trump at a lavish black-tie dinner — Trump said the British leader’s approach likely “killed” chances of a free-trade deal with the United States. He said he had told May how to conduct Brexit negotiations, “but she didn’t listen to me.”

He also praised May’s rival, Boris Johnson, who quit last week as foreign secretary to protest May’s Brexit plans. Trump claimed Johnson would make a “great prime minister.”

The comments shocked many in Britain — even May’s opponents — and threatened to undermine May’s already fragile hold on power. Her Conservative government is deeply split between supporters of a clean break with the EU and those who want to keep close ties with the bloc, Britain’s biggest trading partner.

Continue Reading

Latest

Deep State poster boy Peter Strzok gives bizarre testimony that goes viral (Video)

The face of the Deep State.

Alex Christoforou

Published

on

If you were not convinced that the Deep State exists, then look no further than Peter Strzok’s bizarre, yet revealing, congressional testimony, showcasing the arrogance and smugness of a powerful FBI agent who worked diligently to push a fake Trump-Russia narrative onto the American public.

Via Zerohedge

While Peter Strzok’s marathon Congressional testimony was full of bickering, chaos and drama – mostly between members of the House Judiciary and Oversight committees – a clip of the disgraced FBI agent’s seemingly giddy reaction after answering a question is creeping people out.

Some have suggested that Strzok’s reaction was “Duper’s delight” – a hidden smirk that slips out at an inappropriate moment when a liar celebrates a successful manipulation.

Watching Peter Strzok, its hard, if not impossible to believe that this man is not a psychopath, who hated Trump so much that he was willing to forward a collusion story that has cost American taxpayers millions, and torn American society apart.

Remember to Please Subscribe to The Duran’s YouTube Channel.

The video clip even had Donald Trump Jr retweeting it, as he labeled Strzok “the creepiest person in America.”

Via RT

One particular moment from Peter Strzok’s raucous congressional hearing left Twitter users confounded and disturbed, even prompting Donald Trump Jr to label the FBI agent “the creepiest person in America.”

Strzok faced the House Judiciary and Oversight Committees on Thursday to answer questions about his conduct during the 2016 investigations into Hillary Clinton and Donald Trump.

The lengthy hearing quickly descended into a partisan shouting match, as Republicans and Democrats interrupted each other’s questions, heckling or applauding Strzok.

Strzok’s peculiar reaction to one question caught the eye of viewers and many took to Twitter to confirm that their eyes weren’t deceiving them.

Strzok’s facial expressions were also noticed by the congressmen in the room and prompted one of the most dramatic moments of the hearing when Rep. Louie Gohmert (R-Texas) accused Strzok of outright lying.

“I can’t help but wonder when I see you looking there with a little smirk; how many times did you look so innocent into your wife’s eyes and lie to her about Lisa Page,” Gohmert told Strzok, referring to the agent’s extramarital affair with his former colleague Lisa Page, with whom he exchanged anti-Trump text messages. Gohmert’s comment sparked vociferous objections from Democrats.

The hearing evoked a significant reaction, with many describing it as a farce. Former New York mayor and current attorney to US President Donald Trump, Rudy Giuliani, labelled it a “disgrace” and said it “taints the entire Mueller witch hunt.”

“President Trump is being investigated by people who possess pathological hatred for him. All the results of the investigation are ‘fruit of the poison tree’ and should be dismissed,” he added.

Democrats seemed to agree with that sentiment, as California Congressman Ted Lieu said it was “a stupid and ridiculous hearing.”

Continue Reading

JOIN OUR YOUTUBE CHANNEL

Advertisement

Your donations make all the difference. Together we can expose fake news lies and deliver truth.

Amount to donate in USD$:

5 100

Waiting for PayPal...
Validating payment information...
Waiting for PayPal...
Advertisement
Advertisements
Advertisement
Advertisements

Quick Donate

The Duran
EURO
DONATE
Donate a quick 10 spot!

The Duran Newsletter

Trending