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|10 aug 2020|
Who Will Initiate the Law about the Proprietor of Issuing Money?
Volobuev Eugenie 17.01.2011
We have the most paradox situation today in Russia. Private trader emits money into own pocket. At that he emits money on legal base, using legislation connivance.
It would seem, the Constitution of the Russian Federation - the organic law of the Russian Federation; uniform, having high validity, direct action and leadership over the whole territory of Russia - directly and unambiguously says that emission of money in Russia is a prerogative of Central Bank of the Russian Federation. Article 71 of the Constitution of the Russian Federation says that under authority of the Russian Federation are:
point g) establishment of legal bases of uniform market; financial, currency, credit, customs regulation, monetary emission, bases of a price policy; federal economic services, including federal banks.
While article 75, point 1 says:
Rouble is monetary unit in the Russian Federation. Monetary emission is carried out exclusively by Central Bank of the Russian Federation. Input and issue of other money in the Russian Federation aren't supposed.
That's all, apparently, there are no loopholes for swindle in the field of money emission. But the Constitution of the Russian Federation is put into practice by laws and instructions which are, in relation to the Constitution of the Russian Federation as lawyers say, subordinate legislations. These subordinate legislations in our country constantly become superior to laws perverting the organic law - the Constitution of the Russian Federation - becoming over the Constitution of the Russian Federation. The same situation we have here.
The federal law from July, 10th, 2002 N86-FZ "About Central Bank of the Russian Federation (Bank of Russia)" in article 4 about exclusive right on currency emission by Central Bank of the Russian Federation narrow all pathos of the Constitution of the Russian Federation to the statement:
Bank of Russia carries out following functions: 2) carries out exclusive emission of cash and organizes cash monetary circulation.
What about emission of non-cash money? Nothing's said about it as if there's no non-cash money at all. Here again, on the territory bared from law, territory of non-cash money emission, our democratic law comes into action: what isn't forbidden is permitted. The same as if the law doesn't forbid Sidorov to kill Petrov, Sidorov has the right to kill Petrov?
The same here, law 86-FL doesn't forbid directly anyone to emit non-cash money. So why not to emit it by everybody?
It appears now that to emit money is better to private banks. Law 86-FL opens direct loophole for emission of money exactly before private banks in article 65:
"The maximum size of large credit risks can't exceed 800 percent of size of own means (capital) of the credit organization (bank group)".
That is the federal law as though suggests private banks here to create money. There's no money in bank but it's possible to give credits?! Private banks responded to that offer, having drawn on their accounts for today about under one thousand trillions non-cash roubles. At issued 18.5 trillion roubles officially declared by Central Bank of the Russian Federation, at the budget of the Russian Federation in 10 trillion roubles?!
Authors of textbooks for students also responded, having started adding of new chapters "How do private banks create money?" into textbooks, offering multiplier and not multiplier ways of emission of money by private banks. As a result of work of such system all emission of money in the country passed to private banks. Cash being issued exclusively by Central Bank of the Russian Federation started serving for cashing in of non-cash money drawn by private banks.
Creation of roguish system of creation of money by private banks in Russia is evident, creation of the systems contradicting in its very essence to the Constitution of the Russian Federation. Situation demands immediate legislative settlement, creation of the law defining people of the Russian Federation the proprietor of issued money. Not only because it is demanded by the Constitution of the Russian Federation. It is demanded by interests of development of the national economy, interests of well-being of the population of Russia.
Issued money becomes today the main regulator of the national economy. If issued money is in people hands, the national economy will start working for people. Full, open and lawful (budgetary) transfer of issued money is necessary to people as well as transfer of earnings to people. After all issued money is estimation of the general work of the population of the country. Monetary incomes of all and everyone in the country can mount up only when the state emits new money and carries it off to all and everyone. Besides, money is being emitted today also thanks to the work of enterprises in the country, to have some result from work of these enterprises.
The fact that today issued money isn't considered in profitability of the domestic enterprises leads to ruin and death of domestic economy and to replacement of domestic enterprises by foreign ones. Thus, introduction of normal law about emission of money in Russia became vital for well-being of people, for rescue and development of the national economy, for preservation of statehood and integrity of the country. Political force which would achieve introduction of such law will receive enormous political preferences. There's only one question: whether there such political force in the country?
There are doubts due to bitter experience of such lawmaking. In 2000 the President of the Russian Federation V.V.Putin submitted necessary package of draft laws for nationalization of emission of rouble. Those laws were rejected by the Duma. What does Putin or any party, or even the state with its 10 trillionth budget against thousand trillions stolen money which has received corruption orientation mean? Nothing?
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