because the topic of the fact that the national bank is printing money, how critical is it? let's listen to him and then discuss his theses and for some reason supplement it. it is justified to print such an amount of money - it is justified because in the conditions of the war in ukraine there is no money inflow to the budget, so part of the citizens of ukraine with ooners, they would be left without money, and the military funding programs for the military would also be left without money, unfortunately for the dead or wounded , that is, all this needs living money right now. and when the economy is destroyed, when people are not they work because they left, whether within the borders of ukraine or abroad, well, they can’t, there are no taxes, it can’t be

, everything doesn’t work abroad, it doesn’t give us as much money as we need, that is, the help of the west, it mostly goes to the purchase of new weapons, we have only one way left - this print money, but that's what we're doing, but for now, it's quite safe, now the situation is such that we see inflation, but this inflation does not have its origin in money, that is, imagine on the one hand there is a mass of goods, on the other hand there is money, if there is a lot of it of money, this can lead to a hyper, but now it is a different case, now, on the contrary, there is very little money in the economy, this is the first thing, we print money, it

compensates for the outflow of money that was first , second, and the inflation that exists, it is not of monetary origin, what does this mean that it is not the large amount of people's money that leads to the rise in prices, but the increase in the price of energy carriers leads to the rise in all of them. from abroad and this rate at once price increase , etc. that's why, uh, don't print how much money in this case, or vice versa, how much money don't take away from the economy, we continue, we continue to grow, that 's why, uh, it's quite safe right now, i think printing

this money why because we have inflation of expenses, not inflation, here i think experts of the national bank should give their assessments because they model what they model, they compare how many people are left what they need in order to literally live, survive and receive such a basket of goods and services is necessary, and when they calculate how much fewer people have become and how much they need, then we can calculate how much money is needed, how much will be safe to calculate to print this money, this is the first and second. far from all the money that the national bank prints, it goes to the people very a lot of money and goes, for example, to purchase fuel, that is, they

immediately go to the foreign exchange market and they leave ukraine, that is, they do not get inside, they do not get inside, they do not cause price growth here, that is, there is no such money, and now, for example, naftogaz of ukraine plans to receive 200 or so billion hryvnias, which i imagine you should not take except that they are printed by the national bank, and then use this money to buy currency that will be given to us by western partners, but this money they will not go to the market, they will not go to pensioners, they will not go in our wallet, that is, this money will not cause pressure on prices inside ukraine, and all these things must be put together , combined and understood by the national bank, that is he has a large staff of analysts who understand this very well, the ministry of finance and

the national bank help the budget in the form of such toxic printing of money well, but not every one of us feels it, so every ordinary citizen of ukraine, well, the national bank has actually changed finances, they are now like a cat with a dog more of such a relationship reminds well, as for the mission, well, on the one hand, we are observing a huge monetary experiment uh, about which i also wrote about why many countries they started directly the mission of its central banks, direct financing of the government, the commission. it was money during the pandemic crisis. that is, it is not only the usa, is there the eu and developing countries, for example, also indonesia, that is, they began to directly inject money into the economy so that after the end of this pandemic crisis there was a quick start the recovery of the economy did indeed lead to a certain increase in infectious processes there, but here is an alternative what would happen if this were not applied, i.e. now we see an increase in inflation in the world there a if there was this mission we saw a huge

depression and there that exceeded the 30s in the usa of the last century on our stationary bank it was like a citadel of retrogrades and conservatives e they said no it's all bad everything that is done in the world is all wrong we we will target inflation there, the inflation rate is the most important thing for us, and economic growth, the creation of new jobs, is not up to us at all, it's up to the government. well, as a result of this policy, we had the lowest start of exiting the correspondence crisis that is, if we look at 21 years, we had a growth of 3.4%, you are still a very low indicator, well, compared to the decline that had passed, well, even before last year, that is, we did not have this quick exit from the crisis because there was no such synergy of efforts there is the central bank and the government, what is called an expanded government in the world when the efforts of the central bank and the cabinet of ministers are combined, and they did not want to do this, but the war still forced them to switch to these progressive methods, and they actually know how to do it and they cry, they do, and they cry, that is, the effect is a positive

effect, the effect allows the economy to survive, but they are all the same, well, you know how people are when a person does something that he is not sure about. 25% completely stopped all crediting of the economy of these credit processes and created only uh-uh absolutely such hothouse conditions for banks to earn on deposits with a certificate of the national bank, that is, they are in such a car with banks did now, instead of lending to the economy, the banks give the national national bank money under certificates of deposit at 23%. and in fact, in this system of commercial banks of the national bank, 200 billion hryvnias are now closed , that is, which circulate between them in the economy, this money does not go to that banks earn billions of hryvnias in the economy with that money, the country lives now by the way, if we look at the numbers we prepared them in advance, so for which penny in general, which penny does the state budget receive

we can see the visualization of the calculations and see that the most taxes are precisely the most money directed by taxes, it is customs and dividends of the state, the state of state-owned enterprises, 300 billion, on the second step are the national banks, which contributed 209 billion hryvnias to the budget, in third place are already grants and loans from western partners. well, and then again after all, the purchase of already military records of fluctuations by private banks and ukrainians well, that is, at least the figures seen, they first of all show that in the conditions of war, ukrainians still provide their country at our own expense, not what we are told that we are flooded with money from abroad, we have no place for our children, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, that 's the normal situation for our country, that's a little, that's a lot, that's good, that's bad. how do you understand that he is good or bad, this is reality, this is you, what i said during our broadcast today are two more sources. well, i was talking about customs, but now we are talking about an emotional source, these are two sources

, according to which the country's economy can survive during the war that is, it is the customs office that will give money to the budget is also an emission source that will also give money to the budget, all other sources are there, international aid is there, the population buys military bonds, these are only additional tools that will not be able to receive the budget, that is, now, in fact, if this emission source were not there, we would have seen a complete collapse of the economy social system, that is, there was no money to pay at all, and it is bad that this synergy of the government and the central national bank does not work because, for example, the national bank gives a mission, the mission goes to the ministry of finance, the treasury, the treasury pays pensions, salaries, this money remains, but not all of this money goes into cash, it is in card accounts, in the accounts of enterprises, that is, it spreads throughout the banking system, and here the second stage should come into effect, when banks begin to lend to the economy at the expense of this resource, and they do not lend because the discount rate will increase , they take this money and give it back to the

national bank and the certificates of deposit mentioned in our country, there are not only internal burgs, but we already have a lot of foreign ones there are so many debts. well, if we take the figures for december 31, 2021 , then the state debt was 86.61 billion dollars, of which 55% is external debt, respectively, domestic debt was 45%. but in 2022, we can see on the chart that ukraine has to make payments on its foreign debt in the amount of about nine billion dollars. well, if you take these 9 billion dollars and divide them among the entire population there, how many of us are 44 million people, then each ukrainian owes 2.2235 dollars but it is not bad, they calculated that in belarus. well, if you divide the external debt of belarus every belarusian owes $3,700. and you know, we noticed a trend that the more developed the country is, the usa, britain, the higher this debt is for each citizen.

well, to most of the residents of russia, they don’t owe anything to anyone, because there are chuvash people or somewhere in the far taiga, but it’s in the far east, people just live and a debt of $4,000 per person in russia did nothing for anyone. well, they well, if you take developed countries, there is such a small feature that they print debts in their national currency. let's hear one more short comment uh, sergey lyamtsa about uh, is it possible at all,

and then we will discuss it. i think this is an interesting topic , look, we have an interesting situation, such tools exist, and even more so, we are a warring country that is the victim of an attack, and for us there are already a lot of countries many experts suggested such a way as starting negotiations on restructuring or even writing off part of the foreign debt, but these talks, these talks. they are still stopped inside ukraine itself, that is, they are stopped at the level of the ministry of finance of ukraine. the ministry of finance does not want even talk about these things even though we can write off external enemies why doesn't he want to talk about these things yet about these ideas about writing off debts this is quite

an interesting question because no one understands it uh, many uh say that this is a principled position ukrainian banks, because if the foreign debt is written off but the internal debt is not touched, external creditors can raise this as a question , and then ukrainian banks run the risk that part of their debt will be written off, this is profits, this is an issue with capital - in general, this is a lot of problems this first approach, how do you explain the second approach - this is, of course, some people say that this is a certain kind of political corruption, because the foreign debt of ukraine is suspected to be held by, among others, certain influential persons from ukraine who withdrew their funds and invested them in foreign debt of ukraine and they are

interested in any case to keep their own and not to write off part of the funds, it is impossible to verify this version in any other way except to ask the register of owners of these securities , but the ministry of finance, i am sure not will do this, why i don’t know. the third version is that ukraine’s foreign debt is controlled by influential international financial institutions, we operate with influential funds, for example, these funds. they have certain lobbying capabilities, including inside ukraine , and that is why they also block it on on the surface, we can only see the official position of the minister of finance, markenko, and this position consists in the fact that, well, how do

we borrow directly? we are simply borrowing a lot now, and if we now begin to demonstrate and give a signal that we want to write off part of our debts, no one will give to us. i think that this is so, you know, very much. this is, as they say, from the evil one, this is such a position because, you know, they give us money not because it is profitable. not because it is a financial or profitable transaction, they help us because we are europe, we are defending the world from that is, it is political financing and we recognize it and if we ask to write off part of the old debts this is a very valid, very valid proposal from ukraine, but no one is doing it. why is it not being done? this is a big question. well, this is a big question. we wanted to ask

all these questions to mr. marchenko, the minister of finance, but three days before the program there was no time to give us a comment. already for the first time on the air of the marathon, several times we tried to turn it on, to talk, to ask questions that concern everyone, the ukrainians had already agreed, uh, he refuses to go on the air, and i think i understand the importance of the work of the minister of finance, his busy schedule, but people have the right to receive answers to these questions, so mr. marchenko , please, on any of our broadcasts, we are ready to receive you and hear your answers to all these questions, because we objectively wanted and we want to hear it, too, people they want to hear it, so please find 5 minutes to turn on the marathon on the air, thank you a-a well, oleksiy, here is me, how do you very briefly see the story with the

possibility of writing off these debts well, and in my opinion, in general, what is it missing now the position regarding debt cancellation is, well, you can call it financial looting in a simple way , that is, paying off foreign debts during the war. well, this is already some kind of absolute aa. well, no, it is not a state position, because well, if we look at the history of restructuring in general, and he is trying to tell us that this is very bad. this is a default and something else is actually uh within the framework of the so-called london cup of territories - these are private pergs of the paris club of creditors - these are debts to other states and international financial organizations well, what are you like hundreds of restructurings were carried out for about 90 countries, that is, over the last 30 years, the country generally used much smaller write-off devices, for example, argentina in the 20th year wrote off 40% of its debts, arguing that now there is a coronavirus crisis and they they wrote off 40% of the debts, signed the corresponding

discoritor, should have lowered the interest rate with us in general, well, a colossal geopolitical force majeure, that is, it is a classic force majeure circumstance, the war, huge losses for the economy loss of territory, occupation of territory and under these conditions, yes, in the meantime, loss, but now these assets . they are not working to repay debts, a huge number of refugees, that is, millions of people have left the country. that is, we have lost our economic potential, this is geopolitical force majeure. that is, we say creditors that we don't pay not because we are such bad borrowers, but because now it's completely different, let's say the general circumstances have completely changed, and in my opinion, ukraine's position should be in restructuring, that is, we it is necessary to write off at least 50 percent of the debts, that is, half of the debts, and the second is restructuring, that is, the postponement of the payment of the seizure of debts for somewhere between 15-20 years, and the third is the reduction of the coupon rate, that is, the servicing of these debts there by seven percent to at least at least one two

but we need to at least start conducting this discussion, it is necessary to start it, unfortunately, the minister of finance says that we have a huge budget deficit , and we will be forced to increase taxes and reduce government spending, and in a paragraph he says that we don't have any problems with the payment of external works but i have i have such a conspiratorial version i think that in fact the discourse on debt restructuring can be dominated in ukraine after september of this year why because in september a huge repayment of debts somewhere in the amount of 2 billion dollars, ukraine should graze, these are the so-called euroband eurobands, now on the secondary market they are sold with a yield of 250%. that is, we can enter the fantastic profitability that is obtained by a person who knows whether these things will be repaid or not when this amount will be repaid version i think that we will start talking about the restructuring of the acids of our program of our guard, you can say that without taxes, well, the state simply cannot exist, especially during the war, and it is good to hope for the support of international partners, they

help us so, they say protect and also restrain the russian invasion on your territory well, but we have but we also have to work and put in the effort to invest money in our army in its development and without it there is simply no way the economy should work and business yes, business must work to earn. well, we will continue in a few minutes. i think we have finished this topic, yes, we talked about the euro plates and the cancellation of tent benefits, we dealt with the state debt, and the main thing is that it is clear that printing money is not so scary, so do not rush into these pro-kremlin will throw in, and it's terrible , it's an association of duty, like, aunts, it's already for life in ukraine. well, we'll return in a few minutes and continue our broadcast. an industrial center with a cossack past, a

secret waterway of the zaporizhzhya cossacks ran through the vovcha river here, after the october coup , the unr army led by peter bolbochan drove the bolsheviks out of the city, albeit for only two years, the pavlograd anti-communist uprising became one of the largest in the 1930s during the occupation the invaders set up a concentration camp for prisoners of war and a ghetto in the city where they destroyed more than 2,000 jews today pavlograd is under fire but continues to help everyone who needs it because the people of pavlograd remember well as a group, you are lighter than the occupiers, you are pavlograd - unconquered and let 's talk about the good things, how the morning coffee inspires, but even in

black and white there will be a colorful one about the random joy and inspiration of the moment that and in difficult times there is something to live for, it's in the little things that life will win who said that war is a man's business at all? meet paramedic mila makarova . she studied at the american course of combat medics from the 14th year, raising the standards of combat medicine to the world level with such angels on the battlefield

you save the whole world, the warriors will definitely return with victory, here is my place, glory to the heroes, glory to the heroines, we will intercept, we will defeat, we will win, what are you, news together, micelles 1+1, the project guard is back on the air with you, and in this part of the program we will talk about what well, not what you are very concerned about it. but i am interested. yes, exactly, about russian propaganda, yes, because putin’s main weapon is not calibers from kander or nuclear weapons, which by the way, it is not yet a fact whose or whether it works.

at least 140 million russians, yes, hitting the target at once. unfortunately, what is happening in the brain is what we are seeing now, the distortion of information, the transformation of truth into lies, what the kremlin and its propaganda machine are doing now, this is the post, the truth actually makes 140 million russians, er, accomplices of putin even today the night watch, together with the center against diesel disinformation of the nsdc, will unravel the myth. i think that this program should become painful for russians and interesting for ukrainians so that people understand not just what propaganda a looks like how they build it, what meanings they lay down and what mistakes they make, because we said before the broadcast that sometimes it seems that some schoolchildren will make some russian interjections

. for two days, we all laughed at this, but then we already noticed a trend that is being implemented like this. congratulations, colleagues. congratulations, viewers. you are absolutely right, and on our last broadcast, i said that there is even such a term as infoalibi, and today it is a center for countering disinformation at the nsdc insists that such term a-a be implemented at the legislative level because if we do not call these crimes crimes and do not come up with what they are called and these are networks of inauthentic coordinated behavior if you remember a-a that is, about what do you say about this infoalibi and on the example of what we are seeing this week? yesterday we saw a terrible terrorist attack in kremenchuk, about which even there a normal person shudders when he sees it, but this is all a-a stream of narratives appear and how right you are

you say that we live in and the russians have adopted this technology. this is a very interesting term to which a lot of attention is currently devoted. let's start analyzing mass communication , we announced that together with you we will debunk fakes and er let's try using the example of this terrible terrorist attack on the amstor shopping center, how did it happen, that is, how did the russians begin to react to the first frames are for the whole world to see. well , at first they started dispersing the information that it was all bucha 2, it was all a production, it wasn't and ah, at all well, i clearly narrated bucha 2, but when they

saw well, what did they do well, rather than all that what are we talking about missiles that hit the wrong place where they are aimed and the accuracy has big problems and the story started to spread that in this center there was a repair base for some cars, whether military or non -military, then the information went about a-a actually look at the cars are whole a-a there are almost no people it’s only men i mean it’s some kind of base there isn’t it too much a and e what can be said good about this in this story eh today well, it seems to me that the coordination of eh of all of them is very bad narratives and when they pile up one on top of the other and are absolutely distorted and completely opposite, this is very

positive for us in the sense that, using the example of the already terrible events in buch, irpin, and gostomel, the borodyans can say that the russians are openly lying that is, they cannot be trusted because it is history in fact, it is repeated and it was the same in mh17. and here i want to show one of the elements of what they tried to do, first of all, here you see da buch 2:0 - this is actually their er narrative that they er interspersed in all messages related to this terrible terrorist attack, yes, they write bucha two , ukraine is making fakes again, just like they did in bucha, and here she is on the right, so that people, yes , we remember, you once told us this, viewers of russian television, yes, so that bucha - this is a resolution and we understand that it is if well and such the story itself and here is putin's right hand lavrov declared that not only was there no shelling of amstor, that it

was closed at all, the shelling took place at military warehouses, let's listen to this scoundrel, we don't interfere with you here. and as a result of the detonation of the ammunition, the nearby empty shopping center caught fire uh, i 'm saying this because the more weapons will be delivered, which are designed to prolong the conflict and prolong the suffering of peaceful citizens who constantly live under the shelling of the ukrainian neo-nazi regime, the more tasks we have we will carry out the task on earth, it will be paid, but immediately the information of our tax office was published that on this day 58 cash registers were working and the revenue at the shopping center at the time of the explosion was almost 3 million hryvnias, and i want to show the satellite images

published by skyenews where clearly you can see where the rocket hit yes, it hit the upper right corner if you look at the photos in the upper right corner of the shopping center and in the pictures you can see the factory that the russians are talking about he even well, he is not shown in these pictures, he is not nearby, yes, everyone can see the case, the upper corner is the place where the rocket exploded, and this is exactly what happened at the shopping center, but separately, i want to note that president zelenskyi was beautiful yesterday, like that, from the face. yes, everyone of russian propagandists from christ when he showed footage of the rocket landing, which we are now seeing at the meeting of the un security council, in contrast to all, well, all the propaganda statements , where it was landed, he showed that this rocket is coming, it is coming exactly to the shopping center and