Sergey Glazyev, Russia’s foremost economist, warned that “technofascist” financial interests in the West have generated a gigantic speculative bubble of over $2 quadrillion that is leading to “the collapse of the whole financial system.” In a wide-ranging Oct. 26 interview with Indian geopolitical economist and journalist Radhika Desai on the sidelines of the Global Governance Forum in Xiong’an New Area, Hebei Province, China, Glazyev—who is a Russian academician and member of the Russian Academy of Sciences—stated that the center of the world economy has shifted to the East, whether the West likes it or not.

His pivotal discussion of the financial crisis in the West was as follows:

“Glazyev: What we see is a huge financial bubble, which concentrated about 40% of the American financial market in these IT companies, which continue to show good health. But what they’re doing is moving towards technofascism. In fact, the main strategic planning center of all these wars is the American technofascists, because they are trying to maintain their leadership not only in the United States but also in the world. They have a huge influence on the Trump administration…. These really are technofascists who are sure that they can rule the world with these new technologies. It is very dangerous for the world, but it will not work, because in fact the maintenance of this artificial intelligence psychosis is based on virtual [reality]....

“This financial bubble will in any case collapse. And I am sure that in the near future the American and Western financial system will suffer a huge crisis, not only because of the artificial intelligence bubble, but also because of the derivatives bubble. According to some estimates, the derivatives bubble is more than two quadrillion dollars.

“Desai: Wow.