It is the sanctions and other financial warfare being conducted by the U.S., EU, and the U.K. themselves, that have “sharply accelerated the ongoing dismantling of the dollar-based economic world order,” Sergey Glazyev asserted in an April 14 interview with journalist Pepe Escobar, published in The Cradle. Glazyev is the renowned Russian economist who is now Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission, of the Eurasian Economic Union (EAEU). (https://thecradle.co/Article/interviews/9135)
The lengthy interview covered much of the same ground as earlier interviews and articles by Glazyev on the subject of creating a new global currency and financial system, centered on development rather than speculation; but in it he also elaborated important additional features.
Glazyev stated that “this transition [to a new system] is now reaching its conclusion with the imminent disintegration of the dollar-based global economic system.” A common currency as an alternative to the dollar is required, but “this new currency would be used exclusively for cross-border payments.… Participating countries would instead use their national currencies for credit creation, in order to finance national investments and industry, as well as for sovereign wealth reserves. Capital account cross-border flows would remain governed by national currency regulations.”
