By way of comparison to my last post on this topic, Bloomberg, via the Moscow Times, has done its own quote-tracking exercise of Russian discussion about the dollar, surveying some analysts on how they interpret the seemingly differing stances that Dmitry Medvedev and Alexei Kudrin have taken.
I leave it to you to peruse the entire list of Bloomberg's findings but to me the two most telling statements in the article are the June 6 comment from Kudrin that even if the US sovereign rating were cut, treasuries would still be "among the most liquid investments", and UralSib's chief economist Vladimir Tikhomirov with this comment:
Talk of reducing the role of the dollar is a "double-edged sword," for Russia, Tikhomirov said. "It doesn't so much hurt America. Any hint that Russia is going to change the structure of its reserves is going to hurt Russia as well."
It's a classic pump and dump.
Russia, China, et. al are slowly but surely DUMPING their dollars but so as not to create a PANIC, they are simultaneously talking the dollar up (or at the very least being ambiguous about their intentions).
It’s very jarring to me to consider the phrase “pump and dump” in the context of fx reserves policy, but at first glance it’s not necessarily inaccurate. WWJCD? (What Would Jim Cramer Do?)
I would think that a policy of "pump and dump" fully satisfies your previous challenge for these governments to "put up or shut up." No?
You're really desperate for some certainty, huh?
For such a smart person, it's a bit surprising that you resort to such rhetorical laziness as non-sequiturs and petty jabs:
1. "You're really desperate for some certainty, huh?"
2. "Lighten up" (from previous comment thread)
It certainly reminds one of a watered-down approach of another anonymous Russia watcher. Tell us, you are not actually the same group? First, La Russophobe.... then, El Maestro? If so, nice touch with the use of french and spanish.
By the way, you still have not given any reason for why your personal/professional situation should require the mask of anonymity.
T-Po:
Relax. Petty jabs were certainly not the intention, we’re just having some fun. But if you really must know, the truth is that my real name is actually El Maestro but no one ever believes me (except for bouncers upon seeing my driver’s license or customs officials upon seeing my passport). So in order to blend in more easily with the attendant mores and customs demanded by modern civil society, I have often gone by my middle name, which is Joe. Would you rather call me Joe? Feel free. Just be glad that you don’t have my life.
- Joe