Warning Issued by Putin: Resist the Urge to Counterfeit and Mass-Produce Currency
In a meeting with leaders of the State Duma factions in December 2024, Russian President Vladimir Putin expressed concern about the impact of inflation on vulnerable citizens. This concern was echoed by the Central Bank, which had previously warned that mass money distribution to people would accelerate inflation.
Putin suggested that other methods should be chosen to help citizens who need state support, rather than relying on short-term relief such as mass money distribution. The Central Bank's statement supported this view, indicating a concern about the impact of inflation on the economy and explaining that if the state prints and distributes money to everyone, there will not be more goods at that moment.
The Central Bank's statement did not specify alternative methods to mass money distribution. However, Putin presented a series of long-term solutions to fundamentally solve the problem of supporting citizens needing state aid. These measures included increasing birth rates, such as offering pregnancy bonuses, free holiday accommodations for large families, and issuing medals modeled on Stalin-era examples. Putin also proposed designating a 'Day of Conception' when couples are given time off to have sex, as well as penalties against 'childfree propaganda' and pressure on women to have children earlier.
Putin warned that printing money and distributing it would result in inflation, a sentiment shared by the Central Bank, which stated that mass money distribution will not make people richer. The Bank of Russia also explained that an increase in demand for goods due to the mass money distribution will cause sellers to raise prices.
The context of the meeting suggests that the discussion revolved around economic policies. Putin's statement implies a desire to address the root cause of economic issues, rather than just their symptoms. The President's suggestions for long-term solutions over short-term relief, as well as the Central Bank's concern about inflation, indicate a focus on sustainable economic growth and stability.
In August, Rosstat recorded inflation for the first time, further emphasising the need for careful consideration of economic policies. The Central Bank's explanation, given in December, and Putin's statement both underscore the importance of finding effective, long-term solutions to economic challenges, rather than relying on quick fixes that may exacerbate existing problems.
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