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20260807 210000 UTC
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[00:00:24] we constantly hear talk that we need to mobilize
[00:00:28] everything. The entire economy for war,
[00:00:31] unfold and so on, but the modern economy is built
[00:00:35] differently. Moscow Mayor Sergey Sobyanin is against military
[00:00:38] mobilization of the economy. To kill a normal economy is to kill
[00:00:42] the country altogether. Therefore, these are such unnecessary, worthless
[00:00:46] talks. But Russia has caught the Dutch disease of
[00:00:49] wartime - Bloomberg writes. War drains
[00:00:53] resources from the civilian sector. Vladimir
[00:00:56] Putin signed a law on the disclosure of tax secrets for control.
[00:01:30] to beautifully decorate bridges with flowers and
[00:01:34] to initiate so many new infrastructure projects, although perhaps it would be possible
[00:01:37] to direct all these funds to help
[00:01:40] the army and slow down the development
[00:01:44] of the city, how to properly prioritize, if you remember,
[00:01:48] before the New Year, memes about the beautified Moscow reached a new level,
[00:01:52] as if Moscow is such a capitol, with aperitifs on Patriarch Ponds, where residents
[00:01:55] have everything good and stable, despite everything, and the regions
[00:01:59] are barely surviving districts, and Sergey
[00:02:02] Sobyanin, credit where credit is due, skillfully shifted the conversation to a macro level,
[00:02:06] as if there's no need to spend everything on war, otherwise the economy will die,
[00:02:09] flowers and jam festivals are also important, and here
[00:02:13] there is something to add: maintaining the illusion in Russia that
[00:02:17] nothing has changed in the lives of Russian residents is becoming more expensive for
[00:02:20] the Russian authorities, no wonder the federal budget deficit went into
[00:02:24] the red, but problems arise due to certain economic
[00:02:27] patterns, the Bloomberg publication states that
[00:02:30] Russia has caught the Dutch disease of wartime due to
[00:02:33] the transfer of most resources to the military sector. The Dutch
[00:02:37] disease or Groningen syndrome, as it is also called, is a reference to
[00:02:40] the economic situation in the Netherlands in the mid-second
[00:02:43] half of the last century. In the 1950s, a large
[00:02:47] natural gas field was discovered there - the Groningen field. Billions flowed into the country
[00:02:50] from gas exports. The country became rich, but at the same time,
[00:02:54] factories began to close, goods production decreased,
[00:02:57] unemployment and inflation increased. Paradoxically,
[00:03:00] things got worse, and then they got better, but if you even reason logically,
[00:03:04] why would you sew clothes, bake bread, Kolobok,
[00:03:07] if employees and investors are fleeing to one specific sector of the economy,
[00:03:11] you should follow them too. This is first of all. Secondly, the national currency
[00:03:14] is strengthening, your bread or cotton t-shirts
[00:03:18] are becoming more expensive abroad and can no longer compete in
[00:03:21] exports. So it sounds good: the average salary
[00:03:25] in Russia, taking into account prices, exceeded salaries in Greece, Slovakia, and Hungary
[00:03:28] in the center of the European Union. This publication from the agency, as it happens,
[00:03:32] drew from the material, from the latest Bloomberg material, but
[00:03:36] the reallocation of scarce labor to the front, to the military-industrial
[00:03:39] complex, hits other entrepreneurs. They have to
[00:03:42] pay more, even though labor productivity has not increased.
[00:03:46] Salaries are growing, yes, but at some point there will simply be no one to pay them, except
[00:03:50] the Ministry of Defense, while they still have money. And according to a fresh survey
[00:03:54] by the Russian Union of Industrialists and Entrepreneurs, 40%
[00:03:57] of large companies are ready for mass layoffs. My colleague Anton
[00:04:01] Sergienko will tell us more.
[00:04:04] Russian authorities continue to report on production growth and
[00:04:07] high salaries, but behind the beautiful numbers lie expensive
[00:04:11] loans. People are cutting expenses, business income
[00:04:15] is decreasing. Regional and federal budgets are facing
[00:04:18] a growing deficit, and some officials have even started
[00:04:22] calling for a complete transfer of the economy to a war
[00:04:25] footing. Here, we must already go on a war footing,
[00:04:29] to inflict more powerful
[00:04:32] strikes, to intensify the massiveness of strikes on
[00:04:36] enemy territory, so that they understand that
[00:04:39] this matter does not go unpunished, and to
[00:04:42] identify where drones are flying from over our
[00:04:45] territory, in order to minimize the drone
[00:04:48] threat. In a recent interview with TASS, the Mayor of Moscow Sergei Sobyanin
[00:04:51] emphasized that these talks are worthless, and
[00:04:54] people making such statements do not understand economics. We
[00:04:58] constantly hear talks about the need to mobilize
[00:05:02] the entire economy for war,
[00:05:05] deploy it and so on, but the modern economy is built
[00:05:08] differently, if there is no peaceful economy itself.
[00:05:26] there will be no taxes, no income for the population, the political situation will be completely different, then we will not achieve success in the war, to kill life, to kill a normal economy, is to kill the country altogether, so
[00:05:30] such useless, worthless talks, which are said by
[00:05:34] people who do not understand how modern economy,
[00:05:37] modern war works. The mayor of Moscow urges not to believe talks of
[00:05:41] a crisis. For now, the capital indeed looks quite
[00:05:44] prosperous, construction continues here, new
[00:05:48] productions are opening, however analysts call what is happening
[00:05:52] a variety of the Dutch disease in its military manifestation, Bloomberg
[00:05:56] writes. The civilian sector cannot operate in such a mode
[00:05:59] indefinitely, when salaries grow faster than labor productivity,
[00:06:03] profit inevitably decreases. This is exactly what we are
[00:06:06] seeing now. The state directs huge resources to
[00:06:09] the defense industry. The defense industry receives orders, hires people,
[00:06:13] raises salaries, but with this they draw workers from
[00:06:17] civilian industries, drive up the cost of labor without increasing productivity
[00:06:21] and constantly make civilian businesses less
[00:06:24] competitive. Increased payments on military contracts will force
[00:06:27] civilian employers to again raise salaries, which will again
[00:06:31] reduce the gap between military and civilian incomes. This
[00:06:34] reinforces the economic arguments in favor of a new wave of mandatory
[00:06:38] mobilization. Meanwhile, large Russian businesses are cutting expenses
[00:06:42] on... In July, 40% of companies surveyed
[00:06:45] by the Russian Union of Industrialists and Entrepreneurs reported such
[00:06:49] plans: their share almost doubled in a quarter,
[00:06:52] 28% of them are considering staff reductions, and
[00:06:55] every fifth - a decrease in salaries or social package.
[00:06:59] Reductions are already underway at Russian Railways, VTB, VEB, Sberbank, and
[00:07:03] large industrial companies. Other enterprises
[00:07:06] are transferring employees to part-time employment and sending them on
[00:07:08] unpaid leave. Do not underestimate this.
[00:07:12] The withdrawal of labor resources from the Russian economy is
[00:07:15] gigantic. In a year, the entire Sberbank, with all its
[00:07:19] employees, from cleaners to the central apparatus, is sent to
[00:07:22] Ukraine. From January to May, the economy grew by only
[00:07:26] 3%, and company profits, adjusted for inflation, decreased
[00:07:30] by seven. The business activity index of the Russian Union of
[00:07:33] Industrialists and Entrepreneurs in July fell to its lowest since
[00:07:37] 2022. And here a problem arises for the head of
[00:07:40] the Central Bank, Elvira Nabiullina. The Central Bank is not rushing to sharply lower
[00:07:44] the key rate, as business demands for development. The
[00:07:48] department insists that if loans are made cheap too quickly,
[00:07:51] inflation could accelerate again. According to Bloomberg,
[00:07:54] Vladimir Putin is pressuring the Central Bank, demanding
[00:07:57] an accelerated reduction of the rate. It is impossible
[00:08:00] to completely rule out a rate hike.
[00:08:04] And we, we always talk about it, we will pursue the policy
[00:08:08] that is necessary to return to low
[00:08:11] inflation. If suddenly circumstances change
[00:08:15] and require it, then we are ready to raise the rate to the level
[00:08:18] that is necessary for this. There is a war economy in the country, the question is
[00:08:22] how much of the civilian economy it will be able to displace before it starts
[00:08:26] slowing down the entire country. And with
[00:08:29] us live is economist Igor Lipsits. Igor, hello.
[00:08:33] Good afternoon, hello. Well, given the already completed transfer
[00:08:35] of resources to the military-industrial complex to the front, how far, in your
[00:08:39] opinion, are we from that very military mobilization of the economy, which Mr.
[00:08:42] Sobyanin is afraid of, or perhaps there are no resources
[00:08:45] for that anymore? Well, firstly, it's even technically, I think,
[00:08:48] impossible. People who say that understand nothing about economics.
[00:08:52] Behind this, I would even say, is not some
[00:08:55] group of economists, at least, who understand something about how
[00:08:59] the economy works. Behind this are some insane
[00:09:02] politicians. The author of the idea is, by the way, Mr.
[00:09:05] Patrushev. Three years ago, he made
[00:09:08] a tour, you know, of Russian regions, gathered governors and
[00:09:12] local party activists, as they used to say, and said that it was necessary
[00:09:16] to develop plans for transferring the economy to a mobilization footing. No one
[00:09:19] understands what this is, what is hidden behind it, what it's all
[00:09:23] about. It sounds beautiful, oh, we will mobilize and win
[00:09:27] and win and win, but what is it, to convert a civilian industrial
[00:09:30] enterprise to military equipment production is absolutely impossible. These are not
[00:09:34] the times of the Second World War, the Great Patriotic War. At that time, military
[00:09:38] equipment was much simpler, there were lathes everywhere.
[00:10:44] famine, it ended in disaster, even Lenin backed down, as you
[00:10:47] remember, launched a new economic policy to somehow
[00:10:51] save the country from extinction, well these current ones...
[00:11:25] money flows into the gas industry, all banks are focused
[00:11:29] on the profitability of the gas industry, other projects turn out to be of no
[00:11:33] interest to anyone, in general, as a result, an economy emerges,
[00:11:36] consisting of the gas industry and degraded other
[00:11:39] sectors, well, now this is happening in Russia, because
[00:11:42] money goes from the budget to the military industry, the civilian
[00:11:46] industry does not receive money, well, it receives
[00:11:49] less than it had before. Look, previously foreign companies
[00:11:52] came to Russia, built... investors came
[00:11:55] foreign companies have mostly left who invested money to Russia,
[00:11:57] profit from the profitability of Russian companies. Now
[00:12:03] they don't invest anything, they don't build anything, they don't
[00:12:06] produce anything. This means foreign investors have fled Russia because
[00:12:09] no one wants to deal with a toxic country where you can
[00:12:13] easily fall under sanctions and lose everything. Therefore, the civilian
[00:12:16] economy of Russia does not have budget support and does not have
[00:12:20] other money. As a result, it has fallen into a situation where there is no money,
[00:12:23] it is shrinking. Across the economy, people
[00:12:26] are closing investment plans and saying: until better
[00:12:29] times. When these times come, who knows, when
[00:12:33] the president says when the war ends, when everything
[00:12:35] normalizes, yes, but at the same time, President Putin, as you remember, always
[00:12:39] says that war is the new normality for Russia,
[00:12:42] we will fight to the victorious end, until all of Russia is ruined and
[00:12:46] perishes, well, probably so. Apropos
[00:12:49] of investment cuts until better times, besides investment cuts, there are also
[00:12:53] at least planned large-scale cuts. Here I again refer to this
[00:12:56] fresh survey by the Russian Union of Industrialists and Entrepreneurs. What, in your
[00:13:00] observation, is actually happening there in practice, and how
[00:13:04] alarming is this symptom in itself? Well,
[00:13:06] look, well, for example, one of the simple questions is, will we repair
[00:13:10] the oil refineries or not? Well, they are burning, they need to be repaired.
[00:13:13] A simple question arises: replacing oil refinery equipment is
[00:13:17] pure investment, but the question is, does it make sense to
[00:13:20] do it if you just replace it, and then a new drone will immediately fly in and burn it again?
[00:13:25] Therefore, now oil companies to a significant extent imitate
[00:13:28] the repair of oil refineries, pretend that they are repairing them, but in fact they do not
[00:13:32] repair them in full, because, firstly, it is very expensive, and secondly, there is no
[00:13:35] guarantee that it will work for at least several years and pay off in any way,
[00:13:39] therefore, now Russian companies, they generally cut
[00:13:42] investment costs, now they will massively lay off people, this is also
[00:13:45] the next step, well, and then there will be an economic contraction and
[00:13:48] technical degradation, and after technical degradation will come a wave of
[00:13:52] man-made accidents,
[00:14:25] to a military economy, while these remnants still exist, it will somehow
[00:14:29] turn, then they will run out, nothing new will appear, and
[00:14:32] the economy will begin to shrink, you know, so that you understand what I'm talking about, I'll
[00:14:36] quote employees of the Central Bank of Russia, in
[00:14:40] 2022 they wrote a good report, back then they still somehow,
[00:14:43] well, in general, they allowed themselves some freedom, they said that
[00:14:47] the future of Russia is reverse industrialization,
[00:14:50] what is reverse industrialization, it is a situation where the economy
[00:14:54] from technology...
[00:15:25] was created, that it somehow knows how to do this, this technological
[00:15:28] degradation and movement into the past, this, unfortunately, is the future of
[00:15:31] the Russian economy, and not only because I say so, but because
[00:15:35] many Russian economists also see it this way, including experts from
[00:15:39] the Central Bank of Russia. Well, by the way, speaking of the Central Bank's liberties, which you
[00:15:43] mentioned, there's a separate story with the key rate, with Putin's possible pressure on
[00:15:46] Nabiullina, well, possibly, because after all, these are Bloomberg agency
[00:15:50] sources, although, well, in the public sphere, some, well, let's say, some
[00:15:53] digs from Putin we also observed recently. What do you think, if all
[00:15:57] this is true, especially what remains behind the scenes, why did Putin
[00:16:00] heed, it turns out, the complaints of big business, and what awaits
[00:16:04] the Central Bank in this case, a complete loss of autonomy? It's
[00:16:07] not about big business, look, Ivan, it's about something completely different, look, who did
[00:16:11] he tell, for example, that the Central Bank would lower the rate? Usually, he never
[00:16:15] did that, he didn't predict rate movements. Here, even before
[00:16:18] the Central Bank meeting, he said that the rate would be lowered. But who did he
[00:16:22] tell this to? He didn't tell it in a conversation with the captains of Russian
[00:16:25] business, no, he met with the head of Yakutia, and told him that yes,
[00:16:29] we will lower the rate. Why is this happening? Let me explain,
[00:16:32] because the budgets of Russian regions are in a very large financial
[00:16:36] trouble, they don't have money, they have huge deficits, that is,
[00:16:39] deficits not only in the federal budget, but also separate
[00:16:42] deficits in regional budgets, these are separate amounts that need
[00:16:46] to be added up. These regional budgets, in order to somehow close
[00:16:49] the hole and somehow finance life in the territories, they
[00:16:53] start taking loans from banks, so lowering
[00:16:56] the key rate is a way for regional
[00:16:58] budgets to cut costs, so the head of Yakutia came to ask
[00:17:02] President Putin for protection from high interest rates on
[00:17:06] commercial bank loans, and said that the Central Bank should lower the rate, then it would be
[00:17:10] cheaper to borrow from commercial banks to close holes, and the holes
[00:17:13] are big, look, in Russia there is such an unpleasant story: people in
[00:17:17] the regions are being transferred to payment at the minimum wage level, yes,
[00:17:21] the minimum allowed rates of remuneration, so
[00:17:24] - failures begin in the provision of utility services, stories already
[00:17:28] appear when they stop collecting garbage from cities, yes,
[00:17:32] they start cutting back on night lighting in cities and so on,
[00:17:35] but regional budgets have no money, and
[00:19:08] or they simply won't be able to get any new loan, last
[00:19:11] year they still gave, this year they don't, then what do you do, you have nothing
[00:19:15] to pay utility services for garbage collection, for street
[00:19:19] cleaning, for city lighting, for organizing
[00:19:22] public transport movement in the city, a communal
[00:19:25] catastrophe begins, that's what expensive commercial bank
[00:19:28] loans mean, well, and one cannot but say that, well, one cannot even say
[00:19:32] that inflation probably doesn't concern the Russian authorities, still, at the official level
[00:19:35] some comments on this matter exist, and Vladimir
[00:19:38] Putin, let's say, cautiously, but expresses some concerns, although
[00:19:42] at the official level, the indicators are quite modest, the desired
[00:19:46] indicators are 4% per year, or even less, and
[00:19:48] allegedly the economic block of the government is quite successful, at
[00:19:52] least it is declared to be, in moving towards them, and Vladimir Putin, at the same
[00:19:56] time, signed a law that introduces a system for monitoring
[00:19:59] prices for food products along the entire chain of their movement, that is, from
[00:20:03] the producer to the store, to the final consumer, right to the
[00:20:07] shelf, as it were, in supermarkets. Last year, the government proposed even
[00:20:11] more serious measures, up to price control. We also want to remind
[00:20:14] you of this and will tell you about the new
[00:20:18] document adopted in our report. From 2027,
[00:20:21] food prices in Russia will be monitored along the entire supply
[00:20:24] chain. This week, the corresponding law was signed by
[00:20:28] Vladimir Putin. The authors of the document hope that this
[00:20:31] will potentially allow them to identify sharp price increases, analyze their
[00:20:35] causes, and suppress collusion among sellers. "Will the law
[00:20:38] fundamentally solve the problem of inflation against the backdrop of the ongoing war, and is it not
[00:20:42] becoming a new attempt by the state to tighten control over
[00:20:46] the market? The question is open. The measure will definitely contribute to slowing
[00:20:50] consumer inflation. As for price reductions on certain
[00:20:53] products, this can only be expected if the authorities determine that there are no real
[00:20:57] grounds for inflationary expectations, and apply sanctions to
[00:21:01] manufacturers or sellers of the respective goods. The law
[00:21:04] does not directly regulate food prices, however, now
[00:21:08] the Federal Tax Service will be able to transfer data on
[00:21:12] sellers, suppliers, transactions, and prices to other departments. Tax secrecy does
[00:21:15] not become public, but the exchange of sensitive information
[00:21:19] intensifies. The state's intervention in the trade sector causes
[00:21:22] additional concern among businesses. A year ago,
[00:21:25] officials from the Ministry of Industry and Trade and the Ministry of Agriculture debated whether
[00:21:29] to set fixed price ranges or force
[00:21:32] retailers to sell almost all specific products under
[00:21:35] long-term contracts with fixed prices, and although
[00:21:38] the new law is far from last year's radical proposals, it
[00:21:42] creates a basis for the possible development of more active regulatory
[00:21:45] measures in the future. Disputes about prices for many products and
[00:21:49] their exceeding official inflation have intensified
[00:21:53] during the full-scale war against Ukraine. Russian
[00:21:56] officials publicly try to avoid talking about all
[00:21:59] the reasons for price increases, mainly blaming
[00:22:03] manufacturers. Over the past 4 years, Russians have
[00:22:06] faced sharp increases in the prices of eggs, potatoes, butter,
[00:22:10] and cucumbers. In the last week, according to Rosstat,
[00:22:13] chicken and buckwheat have sharply risen in price. In total, prices for them since
[00:22:17] the beginning of the year have already increased by 10.7%,
[00:22:20] respectively, outstripping official inflation. Analysts from
[00:22:23] the consulting agency MMA, quoted by the
[00:22:26] Moscow Times, call the situation frightening,
[00:22:29] along with sugar, which rose by 1.2%
[00:22:33] in a week and by 21.2%
[00:22:37] since the beginning of the year. Well, remember those two ideas from a year
[00:22:40] ago from the Ministry of Industry and Trade and the Ministry of Agriculture, business assessed them as bad,
[00:22:44] very bad, I think, in a Forbes comment on condition of anonymity, this
[00:22:47] happened. We will continue the topic with economist Igor, what
[00:22:51] in practice can this new law on controlling all links in the supply
[00:22:55] chain mean, and how, in your opinion, can this generally work?
[00:22:58] Well, the thing is, if you look into the Tax Code of the Russian
[00:23:02] Federation, you will find that there is a pricing method called method
[00:23:05] number one, cost-based, and you can calculate prices that can be considered
[00:23:09] correct from the point of view that they are based on costs and include
[00:23:13] a certain normal profit margin for a given sphere, that is, in fact, everything
[00:23:16] you are talking about is all...
[00:24:04] if the price is low and there is no profit, I do nothing, if all this is destroyed, what the Russian government and the State Duma are trying to do, then the entire market economy of Russia must die, Russia must return to the Soviet Union's
[00:24:07] planned-command economy, with state production plans and state
[00:24:11] coordination, after which total shortages and queues for
[00:24:15] everything will come. All this.
[00:24:18] всё про всё это.
[00:24:30] but at the same time, exports and something similar, they have
[00:24:33] a very big problem now, the biggest problem that we have in
[00:24:36] Russia, this is, by the way, the crisis of agriculture, this is a very long
[00:24:40] conversation, but this year it's a very big problem, if prices are further squeezed,
[00:24:43] then there's a lot of things, by the way, the Russian government
[00:24:47] regulates agriculture terribly unsuccessfully.
[00:24:50] They actively rob agriculture, farmers, producers, they
[00:24:54] complain about this, but the state is so eager to take money from whoever
[00:24:57] it can that it is driving agriculture into trouble. You cannot even
[00:25:01] predict all this will happen, a food
[00:25:04] shortage will simply arise in Russia, because this year we are already seeing such an unpleasant
[00:25:08] situation due to the war, which will lead to a reduction in sown
[00:25:12] areas, bankruptcy of many companies, and then there is also state regulation
[00:25:15] of food prices under the pretext of protecting the interests
[00:25:18] of workers, but... they will leave
[00:25:23] the village, close
[00:25:24] the farm,
[00:25:27] sell the land, no one else will produce, this is what the Russian government doesn't even want to think about, but this is a reality
[00:25:31] that today hangs like a black cloud on Russia's
[00:25:34] horizon. Do I understand correctly that precisely because
[00:25:38] a devastating blow has just been dealt to agricultural producers,
[00:25:40] for this reason, prices for certain
[00:25:44] products are rising very sharply faster than official
[00:25:47] inflation indicates, of course, yes, chicken, for example, is rising because
[00:25:51] costs in poultry farming are rising, well, and then
[00:25:54] you start to figure it out, is this a justified increase,
[00:25:56] an unjustified one, when you ask the question, is this a justified increase or an unjustified one, well, forgive
[00:26:00] me, I must explain this, this is a magnificent
[00:26:03] pretext to receive a bribe for recognizing
[00:26:07] the price increase as justified, then the price will increase, this practically
[00:26:10] creates a magnificent basis for receiving a large amount
[00:26:14] of bribes for coordinating correct prices in retail trade and in the food
[00:26:18] industry. Well, apropos of the disasters of agricultural
[00:26:21] producers, the noise around the fuel crisis somehow subsided, well, it's clear that at first there was a shock, many videos on
[00:26:24] social networks with queues at gas stations and so on, but how do you now assess its
[00:26:28] scale in Russia and, most importantly, its consequences? Again,
[00:26:31] a big one, in Moscow, in St. Petersburg,
[00:26:35] fuel trucks were rounded up, yes, which brought gasoline. In
[00:26:39] the regions, the situation is not so pretty, and as soon as
[00:26:42] another drone arrives, rationing,
[00:26:45] reserving, and limiting fuel immediately arises again, and
[00:26:48] this will continue to repeat, because who told you that attack drones will not arrive, the war
[00:26:52] is not over, Putin is not ending the war, which means, accordingly, who told you that
[00:26:55] attacks on oil refineries will stop, that is, this is a temporary respite, but not
[00:26:59] a fundamental solution to the problem. Well, I suppose that if there is no money even for
[00:27:03] the restoration of already affected infrastructure,
[00:27:06] then there is even less money for the creation of means of struggle, since
[00:27:10] the authorities partially delegated this to the companies themselves, at
[00:27:13] least to those who can afford it, but you mentioned that, at the very least,
[00:27:17] hinted that, in principle, state control over prices is not ruled out, as
[00:27:20] in the old days, in your opinion, how far are we from this point, but let's not go by
[00:27:24] the timeline, not by time, but rather somehow, well, so as to avoid such
[00:27:28] direct predictions, but by feeling, what else
[00:27:31] needs to happen before we reach precisely this point with actual
[00:27:35] state control? Well, this will again largely
[00:27:39] depend on what will happen in agriculture now, that
[00:27:42] is, now there will be a very unpleasant The story will have two stages,
[00:27:46] there will be some kind of attempt by agricultural producers to lower
[00:27:50] prices, to sell at least something, because don't forget that
[00:27:53] agricultural product exports in Russia have become very difficult,
[00:27:56] so there's nowhere to put it. There's an oversupply of products, an oversupply
[00:28:00] of products leads to a fall in prices.
[00:28:02] Well, we're happy, but agricultural product prices are falling,
[00:28:06] how wonderful! But this is followed by the next step: bankruptcy
[00:28:10] of agricultural companies, reduction of cultivated areas,
[00:28:13] liquidation of farms and reduction of supply. Then the question arises,
[00:28:17] if agriculture itself does not produce products, what to do?
[00:28:20] Then we have to import, then it's all expensive, then we introduce state
[00:28:24] price regulation, a situation of food shortages arises,
[00:28:28] rationing arises, food rations, cards,
[00:28:31] queues arise for food, and this is not very
[00:28:34] far off, it depends on what happens this autumn with agriculture,
[00:28:38] so by spring there could be very unpleasant stories,
[00:28:42] precisely in the sphere of food supply in Russia. Igor, thank you
[00:28:45] very much for this conversation, for the detailed analysis of all the latest news. Economist Igor
[00:28:49] Lipsets was with us live today, well, essentially we talked about
[00:28:53] the consequences of the war for the Russian economy, taking into account all
[00:28:56] the latest events influencing what is happening
[00:29:00] in Russia right now. We will tell you about new developments on Monday at the same
[00:29:03] time. Goodbye and be free.
[00:30:44] and it's hard to say how much the city has changed during this time.
[00:30:48] Firstly, these dragon's teeth have appeared almost everywhere on the streets,
[00:30:52] and secondly, in many places,
[00:30:56] this hedgehogs has appeared.