JRL NEWSWATCH: “With Savings to Burn, Russia Turns (Again) to a State-Led Spending Plan” – New York Times/ Andrew E. Kramer

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“… So much gold has piled up in its central bank that Russia surpassed China last year to become the world’s fifth-largest holder of gold. … Russia has $472 billion in reserves, more than the country’s combined public and foreign debt of $453 billion and nearly three times what the I.M.F. recommends. … the lode is also making for an odd back-to-the-future moment of state-directed economic activity as Russia shifts policy and aims to spend about $100 billion on big infrastructure projects. * * * … Economists, though, are cautioning that greater government involvement in the economy is a rake Russia has stepped on before. …”

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