End the Fed, Russian Style

Alexander Kolyandr
wsj.com

Members of the ruling United Russia party submitted to parliament a draft law that, if approved, would force the Bank of Russia to consult policy with the government, a legislator said on his website Tuesday.

The motion is spearheaded by Yevgeny Fedorov, a member of the Duma, the lower house of Russia’s Parliament, since 2003. He’s known for his unorthodox views of the global financial system. In interviews, he insists that Russia is a colony of the U.S., and that Washington is behind all of Moscow’s main headaches, including terrorism and the anti-Kremlin movement.

The draft of the bill states the government is to set interest rates together with the central bank and co-manage with it the country’s financial reserves, investing them in Russia. The country’s participation in international financial organizations is to be regulated by parliament, according to the draft.

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