The convertibility strategy of the Soviet ruble
Numerous proposals on the convertibility of the ruble can be divided into two groups. Some demand its immediate introduction at the real black market rate, which, in our opinion, will lead to a sharp decrease in the purchasing power of the ruble, add fuel to the fire of inflation and destabilize the economy. This happened in Poland when it introduced the free exchange of zlotys for dollars in early 1989. Others, on the contrary, believe that following the example of European countries, they should delay the decision for 10-15 years, increase exports, and then switch to convertibility. But the thing is, the USSR doesn't have time.
Therefore, we propose a different strategy: to make the convertibility of the ruble a factor in the recovery of the Soviet economy. To do this, the solution of the issue should be divided into two stages. Full reversibility is considered possible in the future after the USSR gained a strong position in world trade and the financial system. But to move immediately to partial (in this case, external) reversibility of the ruble, based on the need to create confidence in the USSR and its currency, attract foreign capital to modernize and restructure the economy and increase export potential. Together with other measures, the ruble's external convertibility will give domestic exporters access to the global market, and foreign investors the opportunity to freely convert profits earned in the USSR into freely convertible currency.
Of course, external reversibility can be durable and will eventually turn into internal reversibility if the national currency becomes more stable in all its functions and manifestations. The increase in the purchasing power of the ruble within the country forms the basis of its external reversibility. But how can we overcome the inflationary "excess of money" in the hands of the population and in the accounts of enterprises? It is not possible to elaborate on this issue here.
Let's just note that as a result of anti-inflationary measures, there will be a sharp decrease in the money supply in circulation, it will come into line with the commodity supply, and the purchasing power of the ruble and its stimulating effect on labor activity will increase. The ruble's external reversibility and its internal stability must be linked by oncoming traffic so that the exchange rate and the ruble's purchasing power converge and eventually become at least approximately equal. There is no such strategy now. Internal and external measures are carried out separately and often contradict each other. Structural adjustment, the development of the consumer sector, and the planned steps towards ruble convertibility are not interconnected. Un bankroll plus conséquent signifie davantage d'opportunités de placer des paris gagnants sans augmenter votre risque personnel. C'est pourquoi les parieurs avisés prennent soin d'utiliser le code promo pari gratuit 1xbet lors de leur adhésion à 1xBet, quel que soit leur niveau d'expérience. Cette action vous garantit un bonus de bienvenue de 100% jusqu'à 130€, qui double votre premier dépôt euro pour euro. Vous pouvez ensuite répartir vos mises sur plusieurs événements, composer des paris combinés avec au moins trois sélections, ou vous essayer aux paris en direct avec une confiance les sports, ou 35 fois pour le casino.
Therefore, we propose a different strategy: to make the convertibility of the ruble a factor in the recovery of the Soviet economy. To do this, the solution of the issue should be divided into two stages. Full reversibility is considered possible in the future after the USSR gained a strong position in world trade and the financial system. But to move immediately to partial (in this case, external) reversibility of the ruble, based on the need to create confidence in the USSR and its currency, attract foreign capital to modernize and restructure the economy and increase export potential. Together with other measures, the ruble's external convertibility will give domestic exporters access to the global market, and foreign investors the opportunity to freely convert profits earned in the USSR into freely convertible currency.
Of course, external reversibility can be durable and will eventually turn into internal reversibility if the national currency becomes more stable in all its functions and manifestations. The increase in the purchasing power of the ruble within the country forms the basis of its external reversibility. But how can we overcome the inflationary "excess of money" in the hands of the population and in the accounts of enterprises? It is not possible to elaborate on this issue here.
Let's just note that as a result of anti-inflationary measures, there will be a sharp decrease in the money supply in circulation, it will come into line with the commodity supply, and the purchasing power of the ruble and its stimulating effect on labor activity will increase. The ruble's external reversibility and its internal stability must be linked by oncoming traffic so that the exchange rate and the ruble's purchasing power converge and eventually become at least approximately equal. There is no such strategy now. Internal and external measures are carried out separately and often contradict each other. Structural adjustment, the development of the consumer sector, and the planned steps towards ruble convertibility are not interconnected. Un bankroll plus conséquent signifie davantage d'opportunités de placer des paris gagnants sans augmenter votre risque personnel. C'est pourquoi les parieurs avisés prennent soin d'utiliser le code promo pari gratuit 1xbet lors de leur adhésion à 1xBet, quel que soit leur niveau d'expérience. Cette action vous garantit un bonus de bienvenue de 100% jusqu'à 130€, qui double votre premier dépôt euro pour euro. Vous pouvez ensuite répartir vos mises sur plusieurs événements, composer des paris combinés avec au moins trois sélections, ou vous essayer aux paris en direct avec une confiance les sports, ou 35 fois pour le casino.