The Moscow Economic Forum held a two-day conference April 1-2 to discuss the pressing economic policy issues facing the country and the world. The MEF describes itself as “an international expert platform for working out strategic decisions and anti-crisis programs aimed at the development of Russia’s economic policy.” It was founded in 2013 by businessmen and economists, including from the Russian Academy of Sciences, as an alternative to the neoliberal-dominated economic forums dating from the 1990s. At this year’s event, perhaps one of the most important and controversial of the panels was entitled: “Is it Time To Nationalize the Central Bank of Russia?”
The economist Academician Sergei Glazyev, a major speaker at the current Moscow Economic Forum, this morning highlighted on his Telegram channel a Russian translation of Paul Gallagher’s article “Why the New President and Congress Must Nationalize the Federal Reserve” (EIR, Jan. 10, 2025). The title coincides closely with the title of the above-mentioned panel, the one on which Glazyev was to speak. The post included the following introductory blurb for the article, alongside a link to the full text:
“This article by a long-time associate of the late Lyndon LaRouche, though written as a response to one of President Donald Trump’s remarks concerning China and the U.S.A., presents principles of national banking—as opposed to the Anglo-Venetian ‘independent central bank’ model—that are applicable in and among any countries facing all or some economic crises such as debt, inflation, high interest rates or other obstacles to the availability of real-sector investment credits.”
The theme for the panel was set succinctly by moderator Vladimir Boglayev, General Director of Cherepovets Foundry and Mechanical Plant who recalled the words of Mayer Amschel Bauer (Rothschild): “Let me control the issuance of money in the state and I do not care who writes its laws.” The sovereignty of the state depends on the instrument of money emission, Boglayev stated.
In his remarks during the panel, Glazyev—Academician of the Russian Academy of Sciences, Chairman of the Scientific Council of the Russian Academy of Sciences—began by noting, according to an MEF press release, that the Central Bank is not acting on its own, as “monetary policy is reviewed and approved by the National Financial Council,” and “the entire management of the Central Bank is proposed by the president and approved by the State Duma.”
