Russian Economist Sergey Glazyev Takes Note of Strategic Alert’s Defense of Argentina

Sergey Glazyev, Russia’s Minister for Integration and Macroeconomics in the Eurasian Economic Commission, posted links on his Telegram page to issue No. 36 of EIR’s Strategic Alert and to the Schiller Institute’s “Emergency Program for Argentina” reported in that issue, along with the following comment:

“And another interesting digest, founded by the legendary thinker Lyndon LaRouche, which is now run by his widow. It contains a very interesting article about another economic catastrophe in Argentina, caused by the same monetary policy pursued by the Bank of Russia under the methodological guidance of the IMF.”

Glazyev also calls attention to two other items in our last issue: “a note about the organization of climate psychosis by biased journalists, including those working in state media, who are specially trained and paid by forces interested in deindustrialization and depopulation of humanity”; as well the article on the transgender draft law in Germany.

In an informative interview given to the Sevastopol portal ForPost dated Sept. 4, Sergey Glazyev dealt with the use of currencies for trade. In response to the dollar being used as a weapon of hybrid warfare against Russia and other countries, he said, “the transition to national currencies was forced to happen staggeringly quickly”. While this is a positive development, “in itself, the transition to settlements in national currencies is only a small element of economic security.”

“The new world economic order,” he continued, “will be based on the unification of countries around a common criterion for the growth of people’s well-being, and in international cooperation — around mutual benefit, which is achieved through a synergistic effect, a combination of competitive advantages.” The pressing issue, Glazyev explains, is to provide cheap credit for productive investment.

He pointed out that the correct financial policies to facilitate this are being carried out by China and India. They both maintain currency controls, do not allow the free convertibility of currencies on capital transactions, and do not espouse free trade as a rigid principle. “And both countries do not insist on the liberalization of partner countries’ markets. Moreover, they allow a great degree of protectionism and protection of national interests.”

Russia, on the other hand, has not adopted the methods “which provided the Chinese and Indian economic miracle”. Instead, “the Washington Consensus still dominates, which rejects all these instruments of economic regulation for the sake of the interests of international capital.” Money is being pulled out of the real sector of the economy and into to the monetary and financial sector, Glazyev argued.