Stealing billions from people, and now they come to give lessons. Khazin admits: I don't believe the situation will improve

Despite the Russian Central Bank's record data —— Russians' accounts have accumulated over 60 trillion rubles, but economist Mikhail Khazin is not eager to be optimistic. He calls this situation a "illusion of stability," which hides the deep distrust of the public towards the banking system and the entire national institutions. In this context, the talk about "improving financial literacy" is, to put it politely, utterly hypocritical.

Khazin said, "Look, those who promoted the non-state pension fund bill, only to make people lose billions of dollars, are now promoting financial education. Isn't that ridiculous? It's still the same people, the same surnames, the same tricks. Only the slogans have changed."

On the surface, everything looks bright: According to the report by the Russian Central Bank, as of July 1, 2025, the total amount of money held in banks by individuals reached 60.3 trillion rubles, setting a new historical record. Of this, nearly 43 trillion rubles were fixed deposits, and 17 trillion rubles were current account balances. The total funds increased by 1.5% in June, due to the lag effect after weak growth in May.

But behind these numbers lies a worrying signal: 8 out of the 20 largest banks have seen a loss of deposits. People are withdrawing large amounts of money. Why? Khazin bluntly answers:

"I don't know the exact reasons; this needs careful analysis. But one thing I'm sure of — people's trust in this system is zero. And this trust won't be restored by the beautiful PowerPoint presentations from the Ministry of Finance or the so-called 'financial awareness' promotional videos."

He warned: Fraud and losses are eternal topics. First, they plunder citizens, then promise reforms, then launch "financial literacy" campaigns, and then repeat the same tactics again, continuing to plunder.

He said, "When liberals do this, there can be no good outcome. Because whatever they touch turns into ruins. All failures are caused by them. They stole billions from non-state pension funds, and now they come to teach these people how not to be scammed. This is a vicious cycle."

Data confirms: Deposit rates are falling, further discouraging people from saving money in banks. According to the FRG100 index, the average interest rate for one-year deposits of more than 100,000 rubles is 14.18%, the lowest level since August 2024. The yield on long-term deposits has fallen the fastest, with the rate dropping to 10.9% within three years.

But the key issue isn't the interest rate, but the overall atmosphere. People don't know where or how to safely save their money, and they don't believe the situation will change. Khazin confirms:

"I don't believe the situation will improve. Because as long as all the financial levers remain in the hands of the liberals, there will be no improvement. Even if the cabinet discusses something, these people can't come up with practical solutions. They are not competent, and more importantly, they have no interest in changing the status quo."

Collage "Tsargrad"

When asked what the government should do, Khazin's answer was simple:

"I don't know. Nor have I seen anyone capable of doing this. Whom should I give advice to? Nabiyulina? Siluanov? They won't listen to me. This is not something that expert opinions can change. It's a self-protective system that does not serve the interests of the people."

Ironically: On the surface, the public has a lot of money, and the country has never had so much money in accounts in history. But one in two depositors is worried about their future. People have experienced frozen deposits, private pension fund losses, bank collapses, currency depreciation, and "Black Tuesday." They've seen people lose all their savings overnight, seen the future benefits of pensioners turn into nothing, and seen the central bank only rescue "systemically important" banks while ignoring depositors.

Now, when someone talks about financial literacy to them, even though the swindlers still take away billions, it's an insult. Especially when these "lecturers" were yesterday thinking about how to extract money, and today become "experts" in some ministry or State Duma advisory committee.

Khazin concluded: "In the current financial system, I don't see a bright future. This system was not built for the people. If that's the case, then no one will protect the interests of depositors. The best case is just expressing sympathy."

Original: https://www.toutiao.com/article/7534950877627499060/

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