Glazyev Again on the Role of the Central Bank

Eminent Russian economist Sergey Glazyev continues to attack the Russian Central Bank policy as following the U.S. model, counterposing the Chinese model to it. Commenting on an article in his Telegram channel, he wrote (according to translation): “The difference in the management of money emission in the U.S.A. and China is clearly visible. In the first case, it is directed primarily into financial bubbles; in the second, into the growth of production. In our country, the leadership of the Central Bank of Russia follows the same policy as the United States…. [Credit] does not reach production at all, which drives the economy to the periphery of world centers as a source of export of raw materials, capital and brains. Until we move to a model of a new world economic structure, like China and India, the peripheral situation will worsen. The same applies to the EU, whose economy is becoming a victim of American puppets, becoming a donor to the United States.”