1. Because Russia has not printed enough rubles to pay all its bills, inflation has not risen out of control. 2. But other economists warn that printing rubles to stimulate demand in Russia is a recipe for disaster. 3. Even with his deal with the Duma in tatters, Chernomyrdin still may resort to printing rubles to solve the wages and banking crises. 4. For now, at least, the Kremlin has not turned to the illusory solution of printing more rubles. 5. If Zyuganov were to win, the Communists would try to renationalize on a grand scale and to print more rubles, spurring inflation. 6. Moreover, the central bank said it would print extra rubles to replenish the reserve fund, a move that will be inflationary. 7. Of course, Russia could print rubles to pay its loans, but that would reignite inflation. 8. Tax revenues have been slipping since August, forcing the government to print more rubles. 9. The central bank said Thursday that it would print rubles to buy short-term government bonds, known as GKOs, from banks. 10. The newly appointed central bank chairman suggests printing more rubles. |