4 ms·

Sounds similar to the general sentiment in Russia for the past two decades. The grab and run attitudes are also taking a toll on infrastructure and general busi

Sounds similar to the general sentiment in Russia for the past two decades. The grab and run attitudes are also taking a toll on infrastructure and general business reinvestment. If you are unsure of the future, why invest for the long term?

huhtenberg 13y ago
Based on what I heard and read there were very significant restrictions put in place in recent years that effectively disable the export of the capital from Russia. You still can "grab", bribe, grease and grow rich, but all your money will stay in the country.
- seanmcdirmid 13y ago
  I've heard billions go out of Russia every day, the old fashioned way...by train. I'm not sure if its true or not, but cash is kind of portable.
- ash 13y ago
  I haven't heard of it. Could you be more specific about restrictions on capital export? I believe those restrictions won't work when goods and people could move across borders without problems.
  - wisty 13y ago
    People in China can't. They have to go through customs, which forbids taking large sums of cash. And you can't electronically move money in or out of China so easily. The banks have restrictions. There's ways around it. Suitcases full of cash (or gold) which you hope the customs officials won't notice, multiple trips to Hong Kong, junket trips (paying for credit at a casino in Macao, then "withdrawing" through a roulette table). There's probably other ways. Maybe cash in a shipping container? On the flip side, people outside China want to move money in, and can't. So they get Chinese companies to fake export receipts, pay for the export (officially), then collect the cash from the Chinese company on the other side.
    - gte910h 13y ago
      Bitcoin was a wonderful way to do that for awhile, still happening as well, just less so.
  - huhtenberg 13y ago
    Can't be more specific, sorry. There's a general sentiment that you can pick up by reading news and blogs written by business people - the sentiment that it's hard to impossible to take substantial money out of Russia. If you earn tens of millions dollars and up, you now need to find ways to spend them in Russia. State (read - Putin) has really tightened the valves.
- ye 13y ago
  Bitcoins to the rescue.

huhtenberg 13y ago

Based on what I heard and read there were very significant restrictions put in place in recent years that effectively disable the export of the capital from Russia. You still can "grab", bribe, grease and grow rich, but all your money will stay in the country.

seanmcdirmid 13y ago
I've heard billions go out of Russia every day, the old fashioned way...by train. I'm not sure if its true or not, but cash is kind of portable.
ash 13y ago
I haven't heard of it. Could you be more specific about restrictions on capital export? I believe those restrictions won't work when goods and people could move across borders without problems.
- wisty 13y ago
  People in China can't. They have to go through customs, which forbids taking large sums of cash. And you can't electronically move money in or out of China so easily. The banks have restrictions. There's ways around it. Suitcases full of cash (or gold) which you hope the customs officials won't notice, multiple trips to Hong Kong, junket trips (paying for credit at a casino in Macao, then "withdrawing" through a roulette table). There's probably other ways. Maybe cash in a shipping container? On the flip side, people outside China want to move money in, and can't. So they get Chinese companies to fake export receipts, pay for the export (officially), then collect the cash from the Chinese company on the other side.
  - gte910h 13y ago
    Bitcoin was a wonderful way to do that for awhile, still happening as well, just less so.
- huhtenberg 13y ago
  Can't be more specific, sorry. There's a general sentiment that you can pick up by reading news and blogs written by business people - the sentiment that it's hard to impossible to take substantial money out of Russia. If you earn tens of millions dollars and up, you now need to find ways to spend them in Russia. State (read - Putin) has really tightened the valves.
ye 13y ago
Bitcoins to the rescue.