Stalin unleashed the dollar in 1947
• How Stalin unleashed the dollar in 1947
Today financiers from around the world are struggling with the problem of binding energy costs to the dollar. Many political scientists explain the superiority of the US dollar impact on the economy of many countries. Joseph Stalin, one solution collapse of the dollar, having saved the Soviet economy from the destructive influence of transatlantic neighbor in the postwar years.
The currency reform
After the war, the Soviet Union stood out against the background of other countries more stable economic situation. Which is confirmed by the statistical data of 1939-1945: the volume of ruble supply increased by almost four times, DM - six times, the Italian lira and the Japanese yen - ten times.
Winning the war has put the leadership of the USSR issues of economic stabilization, reducing inflation, restoring the national economy, the saturation of the domestic market. The first was required to reduce the amount of money that has accumulated during the war.
The economic reform in 1947 has decided a number of difficult issues. Ironically, the Soviet leadership was able to keep food prices after the abolition of ration cards. Many European countries have chosen to abolish food rations much later of the Soviet Union. For many, the main problem is the economy's dependence on the US dollar. The Soviet Union was no exception. Since 1937, foreign economic calculations are carried out in dollars. The ratio of the Soviet ruble in any currency of the world is estimated in dollar terms. On the eve of currency reform in 1947 one dollar was worth slightly more than 50 rubles. Joseph Stalin was extremely unhappy with the situation. Therefore, the best economists of the country struggled with the issue of the dollar's decline.
Stalin summoned a report on the issue, Finance Minister Zverev Head of the State Planning Commission and M. Saburov. Head of the State Planning Commission proposed to calculate the dollar a ratio of 14 rubles per dollar. To which Stalin replied that the "wonderful price" dollar four rubles. The office attended the Chinese Premier Zhou Enlai.
Financial and economic freedom
The ruble gained full financial independence from the dollar until the end of February 1950, when he received the gold standard. Stalin said that the golden fund of the Soviet ruble will reliably protect against speculative dollar. Arguing the direction of currency reform, he cited the example of Yugoslavia.
According to him, Josip Tito, has prepared the country bleak future by tying the national currency to the pound sterling and the dollar, which will necessarily lead to the collapse of the country. Joseph Stalin publicly predicted the political death of Yugoslavia, the collapse of several parts. The subsequent history fully confirmed the forecast chapter of the USSR.
The Americans dropped a dollar surpluses that have accumulated during the war years, to Europe. The expansion of the dollar brought down the European currency. Charles de Gaulle tried to counter the financial and economic expansion. He tried to exchange the extra dollars that have accumulated in France for gold. However, the US refused to comply with fair demand, without any explanation.
UN Economic and Social Council explained the effectiveness of the decision of the Soviet economy Stalin untie the ruble against the US dollar. The effectiveness of the USSR exports doubled. Country to establish trade relations with Western countries, delivering high-end products. Soviet science and industry have received a new impetus to the development. An example of the Soviet Union, has inspired other countries.
The Council for Mutual Economic Assistance arose when the active assistance of the USSR in 1949. CMEA set himself the task to generate the financial and economic bloc, timeless political, US economic influence. CMEA financial policies exclude foreign trade settlements in US currency. Economic unit existed before 1991. Individual financial institutions established within the framework of CMEA, function until now.