135.4 trillion rubles reached bank accounts - about 1.5 times the annual federal budget, which businesses and citizens chose not to spend. According to Central Bank data as of September 1, the balance is almost equal: 68.5 trillion for individuals, 66.9 trillion for legal entities. The main contributor to the increase is oil and gas and energy companies: their current ruble accounts have accumulated record balances. Small and medium businesses follow the same logic. Why invest in a machine if the deposit gives a double-digit return without production risk? The high key rate made passive capital allocation a rationally justified strategy. But here lies the structural trap. Money on deposits is not dead weight: banks use it as financing for loans and the purchase of financial assets, capital officially circulates. The problem is different. While major oil and gas companies and small business owners are clipping coupons, equipment is aging beyond replacement. The depreciation of the production base is a deferred bill that will not be presented today, but at the moment when the rate drops and it turns out that there is nothing and no one to renew.