Interview with Russian Geo-economic Tzar Sergei Glaziev


Operation Disclosure | By David Lifschultz, Contributing Writer

Submitted on April 18, 2022


J.P. Morgan stated in his testimony before Congress in 1912


We are reviewing today an interview by Pepe Escobar with the Russian Geoeconomic Tzar Sergei Glaziev on his introduction of a new global financial system. First, here is a link to the article that we will be commenting upon. Mr. Glaziev wishes to create a new system which will utilize a bundle of currencies and gold.

Exclusive: Russian geoeconomics Tzar Sergei Glazyev introduces the new global financial system

Here are couple of quotes from Mr. Glaziev:

“The use of gold as the price reference is constrained by the inconvenience of its use for payments.” (DKL: I can’t see the inconveniences as central banks between themselves merely transfer the gold from a deficit country to a surplus country. When the gold comes into the surplus country the prices rise as new currency is created, and when it leaves the deficit country its prices fall as currency is withdrawn from circulation as a self-correcting mechanism. It is simple.)

“(The new currency) like this can be issued by a pool of currency reserves of BRICS countries, which all interested countries will be able to join. The weight of each currency in the basket could be proportional to the GDP of each country (based on purchasing power parity, for example), its share in international trade, as well as the population and territory size of participating countries. In addition, the basket could contain an index of prices of main exchange-traded commodities: gold and other precious metals, key industrial metals, hydrocarbons, grains, sugar, as well as water and other natural resources. To provide backing and to make the currency more resilient, relevant international resource reserves can be created in due course. This new currency would be used exclusively for cross-border payments and issued to the participating countries based on a pre-defined formula. Participating countries would instead use their national currencies for credit creation, in order to finance national investments and industry, as well as for sovereign wealth reserves. Capital account cross-border flows would remain governed by national currency regulations.” (DKL: This is a very complicated process and the adage is that complexity is the enemy of the good to paraphrase Wild Bill Donovan. See Ecclesiastes 7:29)

Now under Goethe’s principle that genius simplifies, I will propose an alternative solution to the world financial crisis. First, let’s go over the wreckage of the old system:

The Bretton Woods agreement established that the U.S. dollar was the dominant reserve currency and that the dollar was convertible to gold at the fixed rate of $35 per ounce. (At the time the US was the world’s greatest industrial power under the influence of Henry Ford where the US produced before World War Two was 75% of the motor vehicle production of the world. Today about 14%. China is said to produce 33% today but this is considerably understated. US steel production is 7% of China or about the same as Russia. Russian statistics understate their Purchasing Power Parity GDP at about 4 trillion dollars. Most of the US GDP is in the clouds.)

Bretton Woods established a system of payments based on the dollar, which defined all currencies in relation to the dollar, itself convertible into gold, and above all, “as good as gold” for trade. (DKL: The dollar became the equivalent of gold backed by 24,364 tons of gold out of total central bank gold of 35,000 tons. M-2 money supply in 1944 was 70 billion dollars.)

President Richard Nixon closed the gold window in 1971 in order to address the country’s inflation problem and to discourage foreign governments from redeeming more and more dollars for gold.

In other words, the dollar was no longer convertible into gold. Why? It is very simple. The convertibility of the dollar into gold in 1971 when M-3 credit was 600 billion dollars simply divided that amount by the ounces in Fort Knox and the Federal Reserve Bank of New York at 8,000 tons which translates into 260,000,000 ounces or $2,343.75 dollars an ounce but the US currency was convertible at $35.00 an ounce. That ended US convertibility and it was natural that this should happen as the amount of currency or credit in circulation multiplied greatly from 1944 Bretton Woods agreement. Nixon was ordered to abandon the convertibility of the dollar as 8,000 tons of gold were required for national security reasons as in a war the dollar might not be acceptable among the belligerents but gold would be. This happened to National Socialist Germany when during World War Two they could not use their currency for purchases of vital raw materials from neutrals and had to use gold.

The gold backing of the dollar as the pound does not work if you keep growing your money supply above the gold in your vaults based on the interest rate system. We still have over 8,000 tons of gold at Fort Knox and the New York Fed that is unaudited, and that now backs M-3 from shadow banking statistics of over 30 trillion dollars. If we divide 256,000,000 ounces into 30 trillion dollars I come to 117.19 thousand dollars an ounce. That is over a hundred years of inflation. It is an untenable situation. I have demonstrated that the interest system does not work for if I loan you 201,296 tons of gold which all that exits in the world at 10% interest with the principal and the interest payable in full at the end of the year, you cannot pay it back with interest as the interest in gold does not exist which is the reason gold backing for central banking does not exist as the gold does not procreate the interest, and even with the fictitious banking system the transubstantiated dollars in fiat money have to grow on the same principle. The system in the end will break down as it will become uncontrollable in the magnitude of the monetary creations. This money has to be created to pay the interest or the system implodes.

The fallacy in the system as Aristotle pointed out is that the interest rate system does not work as the gold cannot create its own liquidity and thus is against nature which we just explained. I was invited to meet Paul Sweezy and Harry Magdoff at the socialist Monthly Review Press to discuss these issues when some Soviets were there. Sweezy was formerly OSS and Magdoff was at the War Production Board who was said to have proposed moving to triple shifts to triple US war production when the US productive power was in the US before it was farmed out. No one took what I said seriously except the Soviet, Stalinist economist which answered you are right and in that sense Russia is really capitalist as we still use the interest rate system as Lenin wanted it rationalizing it by saying that we socialize the interest using it as a control mechanism as you do in the west under capitalism. In essence he was saying communism as the word capitalism were euphemisms for sanctioning the interest rate system which the Soviet said was a control mechanism in the west just as it was in Russia. In the end it does not really work. Russia imploded and so is the US in that process now. I was impressed by his honesty.

This issue was taken up by Alfred Marshall at Cambridge who taught J. M. Keynes and he could not make it theoretically work. He found as we that the interest rate system cannot work and eventually implodes. I had an off the record debate with about 25 economists at the Board Of Governors of the Federal Reserve and another 25 at the Federal Reserve of New York City on this issue, or fifty against one, and each side was on a speaker phone and some weeks later Peter Bakstansky called me from the New York Federal Reserve Bank to concede off the record but said if I quoted him he would deny it. He cannot be said to have admitted the Federal Reserve System is systemically doomed. My friend Sergey Glaziev is barking up the wrong tree.

Now the interest rate system clearly does not work as it hypothecates itself eventually out of existence though before it dies the society must endure a death by a thousand cuts. (When Edward the pious around 1200 expelled the interest rate takers, and confiscated their money, he brought happiness to England. Cromwell brought them back.) Now if we revalued the gold to 117 thousand dollars, it would create sufficient liquidity for the entire world financial system and we could have a gold standard for each currency as each currency would be backed by gold. And the convertibility of each currency would be convertible based on its gold content held in reserve for the currency that must be constant. And if all societies were based on no interest, then the interest rate problem would cease to exist. This is indeed a revolutionary proposal that will work.

We have already covered in our reports that the Russian Central Bank is not loyal to Russia but to the western central bank system supervised by the Rothschilds who controlled the oligarchs in Russia which Russian Central Bank transferred over a trillion looted dollars from Russia to London for Lord Jacob Rothschild and continues to do so. The oligarch Roman Abramovitch created Putin who has served their interests until now. Elvira Nabiullina is the nominal head of the bank who has almost no ability other than to take orders and Sergey Shvetsov was the key man there for the oligarchs who is quite able. Sergey transferred the Rothschild money to London which I note has not been seized but his oligarchs money has been seized as they recently failed in controlling Putin’s Russia that they created. I should really say Rothschild’s Russia as Putin was merely an obscure KGB agent that they raised up to cover their thefts. I know number of the oligarchs who are literally vagabonds of little ability that made perfect Rothschild stooges. Sergey has been transferred to currency control where we can expect similar corruption.

I conclude by saying the Bible and the Koran has been proven correct in outlawing interest or usury as it is against nature thus creating all the currency wreckages as even the mighty dollar. Dante placed the usurer in the seventh rung of Hell for those who are guilty of sins against nature as the usurer seeks to make money procreate when it cannot and the sodomist seeks to make a fruitful function unfruitful. Both are sins against nature meriting placement on the seventh rung of Hell.

This subject is covered in more detail in the study in the following link:

David Lifschultz


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