Guess The Last Country Which Still Has Positive Real Interest Rates – – Russia!

Russia’s central banker, Elvira Nabiullina, continues to be the most impressive central banker in the world. It appears she has completely rejected Keynesian money pumping orthodoxy and its strange new view that a little price inflation is good. She holds the heroic view that it is investment and increasing efficiencies that boost growth in an economy.
Reports Bloomberg: Nabiullina has a message for Russian businesses that may be finding it difficult to adapt to positive real interest rates: get used to it.

This post was published at David Stockmans Contra Corner on September 17, 2016.