Jayaraman Raju - Comments

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Vladimir Putin Proposes "Eurasian" Currency Union
9 years ago

Putin governance does not cause a flutter in one's heart. Regional currencies are like putting make up on the face to cover the wrinkles etc; it is common knowledge that 'one man's food is another man's poison'; Putin has his own compulsions to suggest this concept; he is no great economist who is worried about the demand and supply curves. he wants to save his own face- and his failures in his country's economy;it is not sufficient that the currency be one, but the standards of living also need to be same in all the member countries; if minimum wages for a skilled worker is Euros 100 per day, it must be same in all the member countries; otherwise, the purchasing power disparity would arise; If I hv to work for 40 hours a week to earn Euros 500 similar job in another member nation must fetch the same earnings; the cost of manufacture, movement of goods across the borders etc have to be opened up and standardized; then only the single currency concept will be useful; otherwise, if Russia has a greater purchasing power than Kazhakh possessing the same currency- then all the resource of Kazhakh will be procured by Russia at the cost of the local of Kazhakh who cannot pay the same, due to the said disparity. the economy of Kazakh would become subservient to Russia, and so will be the destiny of other economies;

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