Speaking on Food Crisis, Putin Explains the Hyperinflationary ‘Green Finance’ Blowout

June 5, 2022 (EIRNS)—On June 3 Russian President Vladimir Putin gave an interview to Rossiya 1 TV, in which he identified the real Wall Street process behind the food crisis and the attempts to blame it on Russia. He explained that it didn’t begin with Russia’s military operation in Ukraine but rather,

“The money supply in the United States grew by $5.9 trillion in less than two years, from February 2020 to the end of 2021—unprecedented productivity of the money printing machines. The total cash supply grew by 38.6%. So, it was a mistake made by the U.S. financial and economic authorities—it has nothing to do with Russia’s actions in Ukraine, it is totally unrelated,”

Putin said. “And that was the first step—and a big one—towards the current unfavorable food market situation, because, in the first place, food prices immediately went up.”

Secondly, Putin identified the Green Deal policies of the European Union, which overestimated the capabilities of alternative types of energy such as solar and wind. These “cannot be produced in the required amount, with the required quality and at acceptable prices,” he said. “And at the same time, they began to belittle the importance of conventional types of energy, including, and above all, hydrocarbons.

“What was the result of this? Banks stopped issuing loans because they were under pressure. Insurance companies stopped insuring deals. Local authorities stopped allocating plots of land for expanding production and reduced the construction of special transport, including pipelines. All this led to a shortage of investment in the world energy sector and price hikes as a result. The wind was not as strong as expected during the past year, winter dragged on, and prices instantly soared.”

He remarked that when gas prices started going up so did fertilizer prices. And then he said, “The British and later the Americans—Anglo-Saxons—imposed sanctions on our fertilizers. Then, having realized what was happening, the Americans lifted their sanctions, but the Europeans did not.”

On the wheat exports stalled in Ukrainian ports, Putin argued that it’s not 20 million metric tons but more likely by U.S. estimates 6 million or by Russian estimates 5 million, but even if 20 million metric tons, it can be overcome. “In the current agricultural year of 2021-2022, we (Russia) will export 37 million and, I believe, we will raise these exports to 50 million tonnes in 2022-2023,” he said.