Sergey Glazyev, the prominent Russian economist and currently Minister for Integration and Macroeconomics at the Eurasian Economic Commission, the executive body of the Eurasian Economic Union(EAEU), granted an extensive interview on March 27 to Business Online (business-gazeta.ru) electronic newspaper, in which he detailed his proposal for a new international financial architecture. (https://www.business-gazeta.ru/article/544773?utm_source=inner-special-project&utm_medium=teaser&utm_content=desktop)
Speaking of academics and specialists in countries such as Russia, India and China, he stated: “We are currently working on a draft international agreement on the introduction of a new world settlement currency, pegged to the national currencies of the participating countries and to exchange-traded goods that determine real values.... Objectively, the ruble could become a reserve currency along with the yuan and the rupee. It would be possible to switch to a multi-currency system based on national currencies. But you still need some equivalent for pricing.”
He went on to explain the central importance of issuing for productive activity. “Global economic cooperation is based on joint investments aimed at improving the well-being of peoples…. Macroeconomic stabilization in the modern economy can be achieved only on the basis of accelerated scientific and technological progress.”
Glazyev praised China’s success, particularly on this point: “The entire banking system in China is state-owned, it operates as a single development institution, directing cash flows to expand output and develop new technologies.… [They invest in] expanded reproduction of the real sector of the economy, focusing on financing development investments.”
Earlier in the interview Glazyev presented a broad strategic evaluation of the context of the current Ukraine crisis: the demise of the Western, dollar-based system, and in particular the British-American geopolitical order. As Foreign Minister Sergey Lavrov had done in earlier remarks, Glazyev emphasized the role of Zbigniew Brzezinski:
“All the so-called geopolitical science that was written in London was reduced, in fact, to a set of recommendations on how to destroy Russia as the dominant force in Eurasia … Brzezinski’s famous theorem says that in order to defeat Russia as a superpower, you need to tear Ukraine away from it. All this political dogma, which, it would seem, has long gone down in history, is nevertheless reproduced today in the thinking of the American political elite…. They used Ukraine as an outpost, or rather, as a tool for undermining Russia, weakening it, and in the future for destroying it as a sovereign state, in accordance with Brzezinski’s proposal.”
