Glaz’ev’s money quote

Notable post-Keynesian economic historian and policy advisor to the Russian government Sergei Glaz’ev has the following money quote (pun very much intended) regarding the economic theories of Milton Friedman and his ‘sound money’-advocating intellectual forebears:

По своей сути монетаризм представляет собой откровенную апологетику интересов держателей монет, которые заинтересованы в повышении их покупательной стоимости. Она использует наукообразную терминологию, но по своему методу сродни квазирелигиозной догматике, поскольку не приемлет сомнений, игнорирует факты и не признает эксперимент. Поэтому многие мыслители считают монетаризм современной версией ветхозаветного культа Золотого тельца, религией обожествления денег. Исходя из этого, наверное, следует и оценивать практические результаты монетаристской политики, проводившейся с 1992 года: хотя российская экономика за этот период в основном примитивизировалась и сжалась в нефтегазовую трубу.

At its core, monetarism is a frank apology for the interests of coin holders who are interested in increasing their purchasing value. This doctrine merely serves their interests by imposing self-restrictions on the state in managing the issue of money. It uses pseudo-scientific terminology, but its method is akin to quasi-religious dogma, because it does not accept doubts, ignores facts and does not recognize experiment. Therefore, many thinkers consider monetarism a modern version of the Old Testament cult of the Golden Calf, a religion of deification of money. Proceeding from this, it is probably necessary to evaluate the practical results of the monetary policy pursued since 1992, although the Russian economy during this period was basically primitive and shrank into an oil and gas pipeline.

Or, put more bluntly, in the words of Fr Andrew Phillips: ‘Monetarism is just another word for Mammon.’ And he says so in light of the selfsame historical events that Glaz’ev does here. Understand that the legacy of the 1990s in Russia is very much so the result of the neoliberal reforms spearheaded by the Harvard Boys (themselves taking their cues on shock therapy policy from the Chicago Boys, in turn avowed devotees of Milton Friedman), taking direction from the IMF and the United States government. In the wake of the societal collapse that followed, practically none of its authors could be brought to a public account in their lifetimes. Not Chubais, not Gaidar, not Berezovskii, not Khodorkovskii, not Shleifer, not Browder, and certainly not the Harvard Boys.

Which isn’t to say that people didn’t pay. However much it pretends otherwise, the Golden Calf is nothing if not a bloodthirsty god.