Mikhail Leontiev: No money-box does not provide the stability of the economy in the criteria for a severe crisis

Mikhail Leontiev: "No" money-box "does not provide the stability of the economy in the face of a serious crisis"We need to make an overarching program from the development of entire clusters of industries.

According to "Kommersant", the Ministry proposes to transfer the money to the Emergency Fund of 900 billion rubles oil windfall. It is necessary to lay down funds in the "money-box"? Or are there other, more effective methods to manage them? These questions KM.RU comments for Mike Leontiev.

— Policy of the use of municipal funds earlier could be considered in a limited degree candidate spending money. Well, do not want and do not behold the power of the ability to conduct rigorous structural policies! Why do we need to invest? We need a restructuring of the economy. The present structure is such that no "money-box" does not provide the stability of our economy in the criteria actually a severe crisis. The opportunity to experience another stupenechku as in 2008, there is. But to soften the real crisis no power.

Roll up the money in the "money-box" means of direct embezzlement

Maybe delay the crisis, as the gum from his underpants. But rolling up money in the "money-box" means of direct embezzlement. The world lives in a very harsh criteria hidden inflation of all global currencies. This is a very well noticeable, as the number of today's oil prices are such that we reduce the budget — a piece of cake. But we litsezreem it comes out. We litsezreem that the $ 100 per barrel at the moment and $ 100 per barrel, which was before the crisis — is quite different 100 bucks. Completely different!

This is — one moment, and now — the second time. There is no reliable and cost-effective tools trivial little place these funds. Previously, they were located in the United States Treasury obligations, Europe and so on. Their reliability is reduced, and the yield is still zero. They are below the real inflation … In the end, it's just a means to burn.

I'll be back to the arguments of colleagues from the magazine "Expert" who have shown some vkladyvatelnyh programs, namely, investment pharmacological Western companies to the Russian market, which cater to the huge public procurement of pharmaceuticals. They we're stitching in the budget. It's great that they transport us creation, but they get a 20 percent yield. And we send the money there. What we should be on the cheap programs from municipal funds to invest in the construction of the same capacity and get yourself this 20-percent rate of return and creation, belongs to us! This is just insanity!

In Russia expelled for industrial loan companies

We need to make an overarching program from the development of entire clusters of industries, sectors, to about 40 world-class companies. Done by municipal funds. The government must make an initial program from a longish. This is — all-encompassing programm, since it is necessary to look where there is a market for this production. This market need to provide and protect, including, perhaps, protectionist measures. There there is a number of criteria: technological, import substitution, and so on.

What we have going on at the moment? We have a situation where nominal incomes grow in people and very very evolving consumer loans. But no credit for industrial production. In Russia expelled credit for industrial companies. We're talking about a development …

Not enough that they withdraw all the money out of the economy and deal with the currency readjustment, so they also actually ended up lending, since we have an effective rate — more than 12% and even 15% for industrial companies. I mean, adjusted for inflation, the there is market enterprises can get a loan at 25%. And give credit to such unrealistic, and the only way to lending — are special municipal programs from … This is — generally not market.

In the end, deals with the modernization program there. To quote the current president: "This is — a little problem, comparable to the one that solved our country in the 30 years of the last century." Nor subtract or add.

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