Episode Details

Is the world economy in crisis, or only the Western one? I spoke with Dr Sergey Glazyev, a Russian academician and member of the Russian Academy of Sciences, at the Global Governance Initiative Forum in China, held to mark the first anniversary of President Xi's initiative. Having lost its competitive edge to China, the West tore up the very WTO and IMF rules that once kept it in power. We discuss how Russia abandoned the dollar in a single year after its reserves were seized, how China replaced Europe as Russia's main trading partner in just two years, and why Glazyev blames Russia's own central bank more than sanctions for holding growth near 1%. He warns that soaring oil prices could burst the West's AI and derivatives bubbles.