< HOME  Friday, November 11, 2005

We Need A New World Financial Architecture

In an address to a panel of an EIR-sponsored seminar in Berlin on June 28, Dr. Sergei Glazyev, an economist and a member of Russia's State Duma (parliament)said:

"We really need a new architecture of the world financial system, because those which exist couldn't be improved. I don't think that the present dollar-based speculative financial system could be improved. It is going to collapse anyway, and the question is only, what will be the shortcomings of this collapse, and how we can minimize the costs.

I agree, that this financial crisis and collapse of the financial system is a disaster for the whole of mankind. And of course, all nations are trying to maintain the stability of the present financial system, and to avoid new risks. But the problem is that the risks are embodied in this system, and they are growing higher and higher.

What could we do, to save this system, which is based on injustice, on fraud, on unequal and imbalanced exchange in the world, and this imbalance is going higher and higher? In fact, the dollar-based financial system now, is what we call a "financial pyramid." It's just being maintained, due to the growth of financial speculations; and financial speculations determine the demand for the dollar; and the supply of dollars couldn't be really limited, because of the internal nature of the American financial system. They have to print more and more dollars to service the growing debts. And this is the endless process which finally leads to the collapse, as we see in the history of mankind: a lot of cases like that—of course, of much less scale—of the collapse of the financial pyramids."

Just so that you know that I do not exaggerate. You can read his entire address at We Need A New World Financial Architecture.


At Sunday, November 13, 2005, Anonymous cacky said...

Is there a way to print money and release it into the economy without charging interest on it? Is there a way to introduce more currency without prices going up? Could they, like, not TELL ayone? :) At what level of the economy would "new" money be best introduced? Is there any such thing? Is it tied to a standard, or what? Is there blood on the 4% C.D.'s down at the neighborhood savings? Of course there is, but help me out here. Everything I said on the Alternet post was more or less intuited. I look forward to reading more articles suggested by your site. cacky

At Sunday, November 13, 2005, Anonymous cacky said...

AAAACKK! No one issues anything to pay the interest WITH! Can only mushroom out of control! Solution? cacky

At Sunday, November 13, 2005, Blogger qrswave said...

Hi Cacky!

(1) ...way to realease money...without interest? simple answer: yes. Read this PDF.

(2)...introduce more currency without prices going up? simple answer: where there is a will, there is a way.

I can tell you one thing right now, the current way is devoid of logic, devoid of conscience, and it must stop. Any way we do it, minus the interest, would be better than this crap.

(3)not TELL anyone? I'm not sure what you meant. But, keeping people ignorant is the trade secret, ignorance keeps people distracted; KNOWLEDGE sets us free!

(4)at what level..."new" money? Of course the wider the exchange the more quickly the global economy grows; but there is too much danger in centralized points of control which is why the founders of the United States believed so strongly in a decentralized system of government.

(5)is there such thing as "new" money? I am not an economist. But, from my reading I have come to the firm conclusion that for money to be "produced" honestly it MUST be a reflection of the productive capacity of the people who are supposed to use it.

Think about it. Money is meant to facilitate exchange of labor. More labor-->more money needed. Otherwise, the extra capacity will be locked out of the benefits of the system (aka unemployment, idle factories, etc.)

(6) Is it [money] tied to a standard? I don't know what standard they use now. But, it does not matter BECAUSE you cannot trust a crook no matter what standard he says he uses. INTEREST is the mechanism by which they steal labor. take that out of the equation and ANY realistic standard used will work.

(7) Is there blood on the 4% CDs? probably. Read this. Exploitation is evil, even when it's done legally.

The malignantly-greedy (those who dont care what others pay to satisfy their greed) are the enemy; their weapon is INTEREST. All we need is a fair monetary system that gives everyone equal access to it through their own LABOR.


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