Pepe Escobar: A New Russia and China-led Monetary System Seeks to Replace U.S. Dollar

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recently you’ve been writing uh in the
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cradle about a
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new monetary system that’s in birth
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uh the your eurasian economic union is
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spearheading this they’re in discussions
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you just
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interviewed a prominent economist who
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used to work um in the russian
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government uh from i think from 2012 to
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2019 and now sergey lavyev and now he
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is the appointee at the ea eu
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could you tell us about this monetary
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system because this is not being talked
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about in the western media and the
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censorship definitely helps fuel
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what i think is a profound ignorance of
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the
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implications for how this military
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operation that russia is waging how the
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response by the west has facilitated i
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think
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just an unprecedented trend toward
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de-dollarization i think many of us
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thought would happen a lot more slowly
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yes
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absolutely right annie and uh it was
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quite interesting because
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this interview with glazier was
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republished by a lot of american
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websites
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i i think on xero had you it went
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[Music]
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over a hundred thousand views maybe even
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more than that which is which is quite
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something because glazier is a persona
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non grata and an anatomy
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for 99 of americans involved in
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economy and finance
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uh
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well uh
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trying to summon it all up
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he is uh glacier is in charge of the
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the mechanism at the eurasia economic
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unit that
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it’s a sort of equivalent of the
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european commission in in brussels
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they
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write policy
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and they implement policy
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and this policy is at the highest level
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because
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we don’t have of course uh a direct
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evidence but he he must have come
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directly from putin and patrochev the
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national security council okay let’s uh
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let’s uh
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um go on
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if we’re driving a maserati let’s go on
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fifth or sixth
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you know
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and uh finally organize uh at least the
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limits of uh a new economic monetary
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system
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which will be based probably according
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to glazier himself a basket of
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currencies and gold as well and energy
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and the fact that russia is linking
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ruble to energy ruble to gas and soon
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ruble to oil as well and ruble to
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minerals
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so when you have this connection of
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wealthy a
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resource-based economy
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which is the case of russia another
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when we when you think of everything
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that has not been exploited yet across
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siberia for instance it’s literally it’s
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nearly infinite
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and you have a resource-based currency
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based on actual commodities of
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very very high value
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and you mixed with an economy the
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chinese economy which which protects
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actually
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produces
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stuff that is distributed and sold and
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consumed all over the world right and
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you don’t have an economy based on a
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helicopter money like our friends in the
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fed or the acb
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in frankfurt
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it’s again it’s a totally game changer
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absolutely of course the implementation
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is going to be a nightmare it’s going to
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be very complicated and long term we are
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at a very initial stage which is
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glazier coordinating at the heart of the
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asia economic union
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russia kazakhstan kyrgyzstan
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armenia and
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which is which is the fifth one okay i
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will remember
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kyrgyzstan
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kazakhstan armenia
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belarus
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and russia five members with some
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observers including very interesting
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uh vietnam
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it’s an observer of the eurasia economic
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union the indonesia is interested uh
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this could extend to other uh eurasian
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players that are already part of the
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shanghai operation organization
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so what we could see more or less is
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that as soon as they have more or less
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the the framework of the new system
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it’s going to start being implemented by
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russia and china with kazakhstan as a
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very important player as well
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it will extend to other important
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players across eurasia
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uh
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we could think
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medium term even india and pakistan
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which are members of the shanghai
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corporation organization and certainly
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iran
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because these monetary economic
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conversations between russia and china
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involve iran at least for the past year
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or so
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very very close conversations
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so this would be the embryo of uh
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exactly uh the opposite of uh zoltan
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paulsnar which is very well known in the
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u.s has been talking about uh bretton
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woods three this would be post post
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bretton woods three or the anti breton
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wood three nothing to do with bretton
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woods is bretton woods turned upside
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down and
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based essentially on the ruble du1 and
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all of that backed by
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gold and commodities so that’s why this
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is a game-changing proposition of course
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it was interesting because among the
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comments
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uh in the sec in sections of of american
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websites that we published the article
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there were some very knowledgeable
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comments comments from people who are
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specialists from financial markets and
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economies including including michael
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hudson one of the questions that i post
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to glasgow i asked michael
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so yeah michael is very much interested
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in all that so
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there is a already uh let’s say a a a
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small uh
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a network of people not only economists
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across the nato stan sierna
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that is very much interested and there’s
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gonna i’m sure there are going to be
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discussions between them
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and some people in the race economic
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unit and with glacier himself like
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glacier took like
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uh
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over three weeks to answer the questions
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and uh our our
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uh messenger he will say look i he knows
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he’s going to do it but he he hasn’t
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have
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he hasn’t has time to do anything
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for the past
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few months two or three months in fact
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he is at the eye of the volcano totally
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and that’s why this is so important and
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the chinese of course because
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the chinese are always very
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discreet
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in circumspect
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especially when
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we are dealing with
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a development that uh is going to be
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taken by the american establishment as
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an economic declaration of war
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which it is in a financial declaration
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or which it is in fact so
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for the moment this is being kept in a
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very a hush-hush manner you know
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as soon as they have a draft
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there may be an announcement probably by
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the by the eurasian economic union
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itself with russia and chinese backup
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but this is something for the next few
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months let’s put it this way but this uh
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this is essential because
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considering uh
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the response that the russians were
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expecting
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from the letters that they sent
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especially to washington and also to
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brussels in december
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uh talking about indivisibility of
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security that they needed a new uh
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security arrangement
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all over europe and including russia the
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fact that ukraine had to be neutral
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a sort of finlandization of ukraine and
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he could never become a nato member and
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the fact that we’re
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non-response responses from washington
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and from brussels this precipitated the
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whole thing so
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the the
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monetary economic angle of the whole
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equation was already being discussed for
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a long time and the prelude for all that
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is a discussion that started with the
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brics
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in the 2000s already so this started
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when
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putting
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tao and lula from brazil started to in
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the brics uh uh discussions okay how are
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we going to bypass the dollar long term
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so this is a conversation that’s been
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going on at the highest level for at
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least 15 years you know and now we’re
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seeing the first soon you’re going to be
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seeing the first actual fruits of the of
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the whole thing it’s it’s really quite
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something in fact
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and i i hope that i’ll be able to have
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subsequent interviews with glazier he
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agreed to that in fact by keeping us
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updated
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on where the whole thing is going

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