Putin Front-Runs QE, Proposes Taxing Investment Outflows

Authored by Tom Luongo via Gold, Goats, ‘n Guns,

Russia is going to be a destination for safe-haven flows in the post-COVID-19 world. It will be due to its vast savings, prudent fiscal policy and maneuver room available in monetary policy.

The biggest reason, however, for why I think Russia looks attractive to foreign investors is simply because of its political stability. Putin deftly proposed to devolve power out of the presidency and reorganize both his cabinet and the current government before the outbreak.

And while the final vote on these changes has been delayed because of COVID-19 they will very likely pass without incident when the worst of the crisis in Russia is over.

The same cannot be said for Russia’s neighbors in Europe, where the response has been both heavy-handed and inadequate to stem…

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