Exclusive: Russia’s Sergey Glazyev introduces the new global financial system

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    • #482672
      Joe Shlabotnik
      • Total Posts: 1,604

      The world’s new monetary system, underpinned by a digital currency, will be backed by a basket of new foreign currencies and natural resources. And it will liberate the Global South from both western debt and IMF-induced austerity.

      By Pepe Escobar April 14 2022


      …snip…The Cradle: You are at the forefront of a game-changing geo-economic development: the design of a new monetary/financial system via an association between the EAEU and China, bypassing the US dollar, with a draft soon to be concluded. Could you possibly advance some of the features of this system – which is certainly not a Bretton Woods III – but seems to be a clear alternative to the Washington consensus and very close to the necessities of the Global South?

      Glazyev: In a bout of Russophobic hysteria, the ruling elite of the United States played its last “trump ace” in the hybrid war against Russia. Having “frozen” Russian foreign exchange reserves in custody accounts of western central banks, financial regulators of the US, EU, and the UK undermined the status of the dollar, euro, and pound as global reserve currencies. This step sharply accelerated the ongoing dismantling of the dollar-based economic world order.

      Over a decade ago, my colleagues at the Astana Economic Forum and I proposed to transition to a new global economic system based on a new synthetic trading currency based on an index of currencies of participating countries. Later, we proposed to expand the underlying currency basket by adding around twenty exchange-traded commodities. A monetary unit based on such an expanded basket was mathematically modeled and demonstrated a high degree of resilience and stability.

      At around the same time, we proposed to create a wide international coalition of resistance in the hybrid war for global dominance that the financial and power elite of the US unleashed on the countries that remained outside of its control. My book The Last World War: the USA to Move and Lose, published in 2016, scientifically explained the nature of this coming war and argued for its inevitability – a conclusion based on objective laws of long-term economic development. Based on the same objective laws, the book argued the inevitability of the defeat of the old dominant power.

      More: https://thecradle.co/Article/interviews/9135

      ~ All good things are Wild and Free ~

    • #482685
      • Total Posts: 8,748

      Putin dismissed Glazyev as an advisor in 2019, over differences in central banking; so “Russia’s” means that Glazyev is Russian, not that Glazyev speaks for Putin or the Russian government.  Glazyev has several axes to grind, IMO.   The comments are really good, too, I think – stuff about WWI and WWII from a different perspective than in the history we have been presented with, and I think sheds a little more light on the US – Nazi affinity.

      America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

      "Sometimes when I try to understand a person's motives, I play a little game. I assume the worst. What's the worst reason they could possibly have for saying what they say and doing what they do? Then I ask myself, 'How well does that reason explain what they say and what they do?'" GRRM

      A YouTube comment – we need new conspiracy theories – the old ones have all come true.

    • #482696
      Ohio Barbarian
      • Total Posts: 25,004

      A plan to switch to a new digital currency to circumvent the dollar altogether. If the US were smart, we’d figure out some way to participate in a global currency instead of clinging to the dollar as it inevitably declines in value and loses its power. But we’re not going to do that. Oh, noes. I can hear the patriotic currency hysteria already.

      Never let your morals stop you from doing the right thing.--Isaac Asimov

      The United States is also a one-party state but, with typical American extravagance, they have two of them.--Julius Nyerere

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