There were echoes of Lyndon LaRouche on the bankruptcy of the current system and his Triple Curve/Typical Collapse Function, in a RIA Novosti’s May 3 interview with Russia’s executive director to the IMF Alexey Mozhin: “Ultimately, the system rests on the trust that dollar assets are safe. According to my estimates, if American debt continues to increase—which is now the base scenario—then, of course, confidence in the safety of dollar assets will decrease. Once this trust is lost, chaos will ensue in the global economy.
“Is there a possibility of a collapse of the global monetary system? It seems to me that such a possibility exists,” said Mozhin, a translation from Google Translate.
On the question of a BRICS alternative, Mozhin said: “To begin with, it is possible to create a BRICS accounting unit, which will be built on a basket of currencies of the five member countries of the association: 40%—the Chinese yuan, 25%—the Indian rupee, 15% each—the Russian ruble and the Brazilian real, and 5%—the South African rand. A kind of ‘Bricsian SDR.’ It is also possible to make daily quotes for the main commodities: oil, grain, gold, other metals, timber and more. In addition, it will be possible to recalculate and convert mutual trade within the BRICS into it. This is a very good project.
“In the event of the collapse of the dollar and the international monetary system, it will be necessary to turn the indicated BRICS accounting unit into a real currency backed by exchange-traded goods.”
