The philosophy of stash lives and wins

Abstract

The paper provides a comparative analysis of the views of domestic liberals and statesmen regarding the expediency of unbridled inflation of sovereign funds in conditions of underemployment of production resources. The historical predecessors of the National Wealth Fund, the leading sources of formation and the functions performed by it are revealed. The current predominantly accumulative strategy for the formation of Russian funds of financial reserves, the intensive implementation of which is expected in the coming years, is subjected to extensive criticism. The large-scale financial losses of Russia with the existing mechanism for the use of sovereign funds both domestically and abroad are revealed. The sharp reluctance of the financial authorities to actively direct them to productive purposes under the pretext of the mythical threat of accelerating inflation is subjected to critical analysis. Considering the NWF as a potentially powerful built-in stabilizer of the domestic economy allows the author to justify the need for urgent serious adjustments to the current budget rule, aiming the algorithm for its application not so much at the level of world oil prices, but rather at the current capacity utilization factor in the country.