Russian Central Banker Lauded as Putin Confronts the System?
By Daily Bell Staff - October 21, 2016

Elvira Nabiullina hunts down Russia’s banking ‘banditry’ … Former economy minister has shut 276 lenders and forced 28 others to reform … When Elvira Nabiullina took over as governor of Russia’s central bank, she came face to face with a sobering statistic: regulators listed as many as 150 banks that were regularly involved in dubious transactions.  Financial Times

This is a strange article because it apparently avoids issues in Russia regarding central banking that we and others have reported on in the recent past.

The profile of this central banker is essentially adulatory and thus provides us with more questions than answers as it doesn’t mention that Putin seems embarked on a course to replace his current Western-initiated monetary system. What an essentially vacuous article it is …

The individual in question, we are informed, is small, female and incredibly disciplined. As with Janet Yellen, it is not her gender that makes the difference, but the breadth of her knowledge, her determination, her honesty, her intellect and the respect she creates.

One would hardly believe she was in the business of debasing money and ruining Russia gradually. Certainly the article provides an alternative viewpoint.


Today, after an unprecedented three-year purge of the dark corners of Russian finance, that number is down to “no more than about 10”, Ms Nabiullina says. And she is only just getting started.

“What pleases us is that people are realising that punishment is inevitable for those who don’t respect the law,” the central banker, praised recently by President Vladimir Putin for her “energetic efforts [against] banditry”, tells the FT in an interview in her neoclassical Moscow headquarters, across the street from the Bolshoi Theatre.

“Unscrupulous bankers are being punished and going to prison, and it’s very important to avoid that happening again.”

Outwardly, little about the mild-mannered 52 year old marks her out as a crusader against financial malpractice. Since taking over, she has shut down 276 banks and put a further 28 through the regulator’s financial rehabilitation programme.

An ethnic Tatar and opera lover who can recite French poetry from memory, she served as economy minister before Mr Putin chose her as a compromise candidate to lead the central bank in 2013.

According to Financial Times under Elvira, “The banking system has fully returned to profitability.” Exactly what that means is difficult to understand. Can’t most large countries print a lot of money at will without an immediate, overwhelming impact on price inflation?

Anyway, we’ve read dozens of articles about how badly off Russia is because of sanctions.

Maybe her profile is being bolstered because there is considerable tumult in Russia regarding banking. Back in August we published an article entitled, “Dollar Disaster Looms? China and Russian Currencies Break Away.”

We began with an excerpt from a article (here), that mentioned a recently completed Russian report (Stolypin) as follows:

Russia leaves the Dollar based monetary system and adopts a system of Sovereign Currency. The implications are phenomenal! “In 1990 the first priority of Washington and the IMF was to pressure Yeltsin and the Duma to “privatize” the State Bank of Russia, under a Constitutional amendment that mandated the new Central Bank of Russia, like the Federal Reserve or European Central Bank, be a purely monetarist entity whose only mandate is to control inflation and stabilize the Ruble. In effect, money creation in Russia was removed from state sovereignty and tied to the US dollar.”

2016: “The Stolypin club report advises to increase the investment, pumping up the economy with money from the state budget and by the issue of the Bank of Russia”. Putin decided to follow the Stolypin club advice as the new monetary policy of the country.

Then we published an excerpt from yet another article (translated from the Russian) describing how the ruble may now evolve (here):

We must nationalize the ruble. What does it mean? It means that we must separate the internal markets from the external ones.  … Thus, the first step for Russia is secession from the IMF and others similar institutions designed to keep the entire world in bondage. The dollar noose must be cut.  Now the amount of printed rubles will not be determined by how many dollars we have but by the actual needs of our economy.  … We have absolutely no need in the central bank in its current form, but we do need a financial regular. Under any regime, it was the Treasury that performed this function. Let it remain the same now regardless of the official name. It may continue to be called the Central Bank. If the essence is changed, there is no need in changing plaques.

Basically these excerpts summarize a monetary system being tugged in several directions. Given currently military tensions and the above changes to the monetary system, the Financial Times raises as many questions as it answers.

Conclusion: Somebody obviously wanted to give Elvira – and her central bank – a boost. But the impetus for this adulatory, if vacuous, profile is a good deal less clear and may be an indication of a situation evolving in unexpected and even confrontational ways.


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  • Jason h

    Yeah how dare someone write an article that is not completely critical of Russia and anyone related to Russia.

    • You mean criticizing Russia’s US-inspired central bank is the same criticizing Russia?

      • Sydney

        Yes and no.

        Maybe just maybe the Russian central bank is run by a different “mafia.” Perhaps and just perhaps mafia’s are organized around an ideology. The Fed (and the entire worlds central banking system besides maybe Russia) seems to have some form of talmudic basis of operation. Where as the Russian seems to respect an Orthodox ideology.. Maybe it is different. The former calibrate every move on what is best for “the tribe” mostly in secret. The latter on what is best for “The Christ” mostly out in the open. The Christ at least in part being a degree of respect for the individual. For the individual to thrive morality is vital and the rule of law is sacrosanct. These of course is were freedom begins. Whatever centralization of power in Russia seems, while still sharing characteristics with mafia, operates differently as to the basis of right and wrong, good and evil. OK still a mafia, but make no mistake operating with different aims.

        It would occur to me these aims were the basis of a vibrant cultural history of Christendom and Christian Monarchy throughout the one time great history of Western Civilization. Of Course to whatever extent this way of life is re instituted would depend in large part on re establishment of redeem-ability of currency or at least freedom for the individual to choose currency. But little by little. I bet life within the Byzantine Empire was great for almost all. Undoubtably that’s why you never hear about it. Yes gold (and bills of exchange redeemable in gold) were the bulwark of the individuals influence apparently. Not sure that the victors who wrote the history books were unbiased in their account of The Byzantine or Christian Monarchy in Russia for that matter. Those systems were probably great for the individuals that made up the Christian majority. Too bad the world central banking powers don’t have their own country, or do they? Don’t know for sure as it may be in the middle east or that may be a ruse and it actually is in southern Russia? Who knows? And just so long as they leave us alone, who cares? Of course more and more it seems as if they don’t care to leave us alone. Just so long as we don’t fall for their lies of course we probably don’t need to worry about it.

        Please don’t take this argumentmentatively. Quite sure I have learned more from the DB than you will ever learn from me! However it may be worth consideration.

        In any event, as always, Thank You for a great website with consistently great content! If what ever force for the good of the individual prevails, and I and they live long enough, I will brag to my grandchildren that “I have been reading the Daily Bell for years.”

        Best Wishes.

        • Penelope Powell

          Elvira nabiullina has received awards and honorary dinner from IMF for following their instrux to the Tee. Putin is following a neoliberal austerity program at home: reducing social services, privatizing medical care, privatizing state industries (the profitable ones).

          The “multipolar world” he speaks of appears to be the always-planned decentralized administration of the global oligarchy. When he took power there were no Russian billionaires; by 2004 there were 17. No there are 77, Yet we should believe that he is against the oligarchy & against theivery?

          • Sydney

            No , not against the oligarchy per se or even against thievery, Just theft against another group. Theft is what a mafia does after all. The oligarchy is not as monolithic as it is often portrayed. Different factions wrestle for more or less prominence. The “oligarchy” existed for a long time and certainly through the Bysintine and Christian Monarchies. They just didn’t have the desire to kill or enslave everyone to the extent the current dominant faction has today. Perhaps the desire but not they power. Of course eradication of the oligarchy may be preferable but likely not possible. A so called step back of their power to Christian Monarchy or the Byzintine doesn’t seem so bad when compared to the so called new world order. That is assuming you value the best of western civilization. Of course this would require a redirection of the flow of power or current(cy). This direction of the flow of power would be into the hands of the individuals who make up the real economy if they were given a choice of currency. The individual would likely choose redeemable currency into gold. Putin and his subordinates have hinted they intend to give people this choice.

            Of course this may simply be wishful thinking. Wishful if you indeed do value Western Cuvilization and its culture, traditions and values and beliefs. Not so wishful if you don’t. Of course time will tell.

            Best Wishes

          • Penelope Powell

            Sydney, I made you a substantial reply and managed to lose it like a dummy. I lack the energy to type it out again, so will just say that I think you would enjoy this link.'s_freedom.pdf

  • James Clander

    Strange -even weird article — agree with Jason h below

  • georgesilver

    My humble abode in Antibes is directly facing a chateau owned by a Russian banker who over the last three years has been turning it into a version of Disney World. He comes and goes and seems to be unaffected by any banking purge.
    So may be it’s all window-dressing.

  • The foggy impetus of the Financial Times is surely quite clearly an indication of their wishing to be recognised as a leading publication force whenever following and reporting on tales and the trials and trails of other second and third party operations is all that its management can offer and deliver to markets.

    And I can imagine Janet Yellen loving IT when being favourably compared as an equal to Elvira Nabiullina, although quite whether the reverse comparison would be trigger a reciprocal favourable response is not a matter I choose to be subjective and offer a view upon.

    The surely honest bottom line is the Western banking system in inherently systemically corrupted and perverse and thus is any radical change which purges it of bandits and sets out to supply its services to new cleaner partners, to be wholeheartedly welcomed and supported.

    Bravo, Elvira and Russia. Jolly well played. And the game is only just started.

    And of course we must ask of Mother Russia ….. Is that Ye Olde Great Game rebooted with SMARTR ProgramMING for ITs rebranding and rebuilding in a series of Greater IntelAIgent Games to Play at RESTful Work [REpresentational State Transfer Work] with AIRemote Command[s] and Virtual Control[s] in CHAOS …. Clouds Hosting Advanced Operating Systems?

    Although such a question be clearly also asked of anyone and everyone espying it here too.

    There’s more than just a lot of fabulously strange and wonderful stuff going on out there, in the spaces you are yet to visit and enjoy. And remember if wary, never forget to be aware that Proper Preparation and Positive Planning Prevents Piss Poor Performance Permitting Prime Prize Penetration and Perfect Private Protocolled Pursuit of Public Parametered Projects and Pirate ProgramMING Presentations alike.

    Have a nice 0day, y’all

    • Stephen Persaud

      The Origin of Consciousness in the Breakdown of the Bicameral Mind ?

      “When the computer crashed and wrote gibberish into the bitmap, the result was something that looked vaguely like static on a broken television set—a ‘snow crash’ ”. Stephenson also mentioned a book by Julian Jaynes, The Origin of Consciousness in the Breakdown of the Bicameral Mind, as one of the main influences for Snow Crash.[1]

      The book presents the Sumerian language as the firmware programming language for the brainstem, which is supposedly functioning as the BIOS for the human brain. According to characters in the book, the goddess Asherah is the personification of a linguistic virus, similar to a computer virus. The god Enki created a counter-program which he called a nam-shub that caused all of humanity to speak different languages as a protection against Asherah (a re-interpretation of the ancient Near Eastern story of the Tower of Babel).

      A lot has been written about a tendency in languages to place words with a close syntactic relationship as closely together as possible. Richard Futrell, Kyle Mahowald, and Edward Gibson at MIT were interested in whether all languages might use this as a technique to make sentences easier to understand.

      • All aboard for the Black Sun, Stephen Persaud. A Heavenly Space for Higher Enjoyment and Employment of Exotic Erotic Places with Celestial Bodies in Private Personalised Attendance …… in Order that Orders Deliver an Adequate Enough Perfection to Crush and Crash and Trump even XSSive Satisfaction, which always leads to an inevitable and unenviable Self-Destruction/Spontaneous Core Systems Collapse.

        Neal Stephenson rocks ….. and aint that the gospel according to Global Operating Devices.

        Wonderful gigs are afoot, DB. I trust you are well strapped in and as ready as anything can be for ITs Wild Wacky WikidD Rides.

  • Penelope Powell

    Financil Times which is here lauding Nabiullina is owned by Pearson, which also owns 50% of the Economist, a Rothschild vehicle. Obviously the banking oligarchy wants to dress up further centralization of Russian banking as “anti-corruption”.

  • NJguy – Proudly Deplorable

    And what of the meme that Putin had purged Russia of Rothschild bankers and banking? Hmmm.

    • Karol Kappel

      please explain that of purging royhshild of its role in Russia other reserve banks they control–like bank of england and others. I really do want understanding. TX

    • Penelope Powell

      NJguy – Proudly Deplorable

      We are told by the media that he purged Rothschild, also that he carries his own food & drink w him when he goes to the West. These are a part of telling us that he is opposition to US hegemony and to the NWO. The Fed/IMF system is constructed that all countries which are categorized by the IMF as “developing” (including Russia) are not free to issue their own currency/credits in the amount necessary for investment (development). They may issue their own currency only in an amount equal to the amount of dollars (or euros or pounds) that they hold. This means that they must borrow at interest. Presently there’s sanction against Russia, so can’t borrow at all.

      Countries all over the world are RUINED by this system– which is at base a Rothschild system. So it’s silly to say Putin’s kicked Rothschild out while his country is being greatly inhibited by the Fed/IMF system.

      The WTO also usurps nations’ sovereignty by preventing countries from arranging their trade on a bilateral basis in ways that are in their citizens’ interests. Istead they are arranged to suit the oligarchs. The Chinese & Russian oligarchs have long since joined the Western oligarchs in scheming for the global oligarchy which will strip ordinary people of all rights.

      We must organize and be our own heroes. Putin isn’t it.

      • NJguy – Proudly Deplorable

        Good post, P.