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been guided only by the interests of Russia and by the letter of the law. But the funniest thing is that should the Central Bank appeal to the International Court of Justice, it would inevitably win. And Russia, that is us, would inevitably lose. Why? Because the Central Bank is a part of a whole system of similar central banks which, in their turn are a part of a web called the International Monetary Fund (IMF). And what is most important: the gold and foreign currency reserves of the Central Bank of Russia are not stored in Russia. Except for a small percentage of gold stored in Russia, the rest of the reserves of our Central Bank does not look like wads of cash from various countries bound with rubber bands but digital 'zeros'. Which are stored, incidentally, in computers abroad. Gold and foreign currency reserves of our Central Bank are invested in state bonds of other countries, mostly in US state bonds: 'Russia has spent over 30% of the gold and foreign currency reserves on buying securities issued by the US Treasury… According to the American Ministry of Finance, our country's investments in American state bonds have grown by 3.5 times over the last year – from 32.6 billion up to 116.4 billion dollars. And now Russia takes the 7^th place in the rating of countries crediting the United States.'[33]

      Can you imagine the USSR State Bank investing 30% of its reserves in US state bonds? Not in gold, but in bonds?

      But let us be just – the Central Bank does not invest the gold and foreign currency reserves only in American securities. The International Monetary Fund also receives some funds: 'In the near future Russia will invest 10 billion dollars of the gold and foreign currency reserves in bonds of the International Monetary Fund (IMF). This was announced at a meeting with Russian president Dmitry Medvedev by the Finance minister of the Russian Federation Alexey Kudrin. According to the minister, it was the Central Bank that was going to invest the money'.[34]

      The fact that the IMF is fully controlled by the Anglo-Saxons and other monstrous offspring of Bretton Woods will be discussed later. For now we will only note that the Central Bank always purchases various bonds when Russian economy needs the credits resources. But investing them inside Russia is impossible. Why? It is prohibited by law.

      Article 22. The Bank of Russia is not entitled to credit the Government of the Russian Federation to fund budget shortfall, buy state securities at the initial offer, except for the cases when it is provided for by the federal law on federal budget'.

      The Central banks of the so-called developed countries credit the budget through buying state bonds. And our Central Bank is not allowed to buy Russian bonds. But it can buy American state bonds and securities of some other countries. This is an important detail: the Central Bank of Russia is only entitled to buy bonds issued by OTHER countries, which means that it is obliged to credit other countries' economies. Very particular economies actually.

      According to the legislation, the rouble can only be issued by the Bank of Russia. And according to the same law, it is not entitled to provide loans to the state. How is emission organised then, how are roubles introduced into circulation? Easily – through purchasing foreign currency at the stock exchange.

      The system works as follows:

      ● Russia sells certain goods at the global market;

      ● the country receives 100 dollars;

      ● the Central Bank buys the dollars at the stock exchange;

      ● the dollars go to the gold and foreign currency reserves of the Central Bank;

      ● Russian economy gets 3000 roubles.

      In other words, foreign currency can only get into the country through the stock exchange, where it is sold and the respective amount of roubles is 'injected' into Russian economy. Some sort of an unspoken parity rate for the population is observed. The parity rate between the amount of dollars in the gold and foreign currency reserves and the amount of roubles in the economy. For example, oil prices grow. For the same goods Russia now receives 110 dollars and not 100. The parity is tilted and the Central Bank corrects it. It lowers the dollar exchange rate, buys them for less money and injects in the economy a smaller amount of roubles per dollar. If the oil price drops, the process is reverse: the Central Bank increases the dollar exchange rate. And now, for each incoming dollar, more Russian currency is issued. It is the Central Bank that watches the gross volume of roubles. As according to the law on the Central Bank it is the governing body of the Central bank – the Board of Directors – that makes decisions regarding 'total volume of cash issue'.[35]

      In other words, there is a strict relation between the monetary stock inside Russia and the dollar stock that Russia receives from the outside. And that means that we are vulnerable. We are not fully independent. Why does the Central bank keep the parity rate between the amount of dollars in the gold and foreign currency reserves and the gross volume of issued roubles? Because the Central bank controls issue of the rouble in the 'currency board' mode.[36]

      It is required because any country which is a member of the IMF is obliged to guarantee single-step exchange of the total amount of the national currency into dollars and pounds using its own gold and foreign currency reserves. This rule has to be observed at any given moment. Otherwise, a country cannot be accepted to the IMF. And without being in the IMF one cannot be a part of the 'civilised society'.

      As a result, the Russian economy does not have as much money as required for its proper operation but equal to the amount of dollars in the reserves of the Central Bank. The amount of roubles that can be issued depends of the amount of dollars Russia received for its oil and gas. That means that the whole Russian economy is artificially put in direct correlation with the export of natural resources. This is why a drop for oil prices causes a collapse of everything and everywhere. This is not due to insufficient tax collection from oil sales. The reason is that roubles disappear from the economy, which is followed by a collapse of trade, construction, reduction in salaries and curtailment of the whole production process.

      It is important to understand that the gold and foreign currency reserves of the country are not state reserves. This money is not to be spent. It has to stay in the storage of the Central Bank just to make it possible to issue roubles. The gold and foreign currency reserves do not do any good to the government or the people. Their role is completely different – this is guarantee, which cannot be spent and which allows to issue roubles. Why they cannot be spent is clear – if we sell dollars to cover the country's external debt, the roubles issued under the guarantee will remain in the country. The balance will be distorted. And this is against the rules. This is not acceptable.

      Here is an example: Putin paid Russia's external debt. Well done him, he cut one of the financial ropes that the global puppeteers used to control us. Only one so far – the other one is still in use. And he did everything 'in accordance with the rules'. The external debt was paid from the stabilisation fund which actually belongs to the state.[37] No money from the gold and foreign currency reserves of the Central Bank was paid to cover that debt. Why? Because it is not allowed! Why is not allowed? Because in 1944 in a town called Bretton Woods international agreements feigning further development of mankind were signed. We will talk about the Bretton Woods agreements and everything that has happened in the financial mirror-world since when in another chapter.

      And now let us continue being amazed while reading the law on the Central Bank. It contains a lot of much more important information. Again, we are going to deal with the main question: who is in charge of the Central Bank of Russia? Who controls it? It seems that no one. At least, no one in Russia. Article 1 on the law is unambiguous enough:

      'The functions and authorities specified in the Constitution of the Russian Federation and this Federal law, are exercised by the Bank of Russia independently from any other federal bodies of state authority, bodies of state authority in subjects of the Russian Federation or local government bodies'. We can try our last chance to find any governmental nature of our Central Bank by looking at the order of forming the governing bodies. Chapter III is called 'Governing bodies of the Bank of Russia'.

      Article 12. The Chairman of the Bank of Russia is appointed by the State Duma for

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