In an interview on Andrey Uglanov's YouTube channel, he commented on the situation in the economy in connection with the hybrid war against Russia.
“Back in 2016, foreseeing the development of events, as a member of the National Banking Council tried to convince the leadership of the Central Bank to dump assets in dollars and euros. Because it was clear that the sanctions would increase due to the logic of this hybrid war that the United States launched.
And it was obvious that they would go to extreme measures. And it would be quite possible to replace the dollar, euro and pound with gold. Which is absolutely liquid, you can sell or buy it at any time, it is no worse than a dollar.
Moreover, it is produced in our country and, most importantly, it cannot be stolen from us, it cannot be arrested. It's all under our control.
Therefore, I think this is a very strange policy, erroneous, certainly harmful for the country, as it turned out. If we accumulated gold instead of dollars and euros, then the sanctions would be less sensitive for us, and we would feel more secure.
That is, in a sense, I would say that this is a wrecking policy. Because we warned you.
And the fact that now these monetary officials of ours are shrugging their shoulders, they say, they didn’t warn us, we didn’t know, is a lie. They warned. Many many times.
I personally warned these gentlemen who run the Central Bank and the Ministry of Finance many, many times that the sanctions would be intensified, that it was necessary to withdraw our foreign exchange reserves from assets in dollars, euros and pounds. Needs to be converted to gold.
It's documented. There are many notes on this topic, my oral speeches, direct appeals, but apparently, recommendations from Washington are more important for them than national security.
... Whatever one may say, but the transition to rubles is, of course, a long overdue measure.
Self-respecting countries sell their products for their national currency.
When I was still a minister, I insisted that our energy resources should be sold for rubles.
…Interest rates have been raised. This means that the money, instead of going to the market, remained in the banks. Then the banks have to put this money somewhere. So, they, in theory, should lend to investments.
But a normal businessman will not take money at 20%, because he will go bankrupt.
Consequently, the economy is refusing to invest. This leads to technological degradation. The basis of economic development, scientific and technological progress is being undermined. The economy is losing competitiveness.
After three or four years, the loss of competitiveness leads to a new devaluation of the ruble.
The policy of overstating interest rates does not allow fighting inflation even in the medium term, because after three or four years it leads to the devaluation of currencies.
This has been done four times already! You have to be an idiot not to understand this!
Why don't they want to understand it? I personally believe that they all play in the foreign exchange market. They're all buying these bonds, which are exorbitant. They have a personal interest in these speculations.
Why do they cater to financial speculation? This is beneficial for banks that are engaged in speculation, it is beneficial for their American, Western friends, who have long ago made a cash cow out of the Russian market and pull out $100 billion from us every year.
The orgy of monetary and financial speculation, which drags money from the Russian economy into a pipe that goes abroad, offshore, this is the meaning of the activity of our monetary authorities. Unfortunately. They are doing exactly this.
Either due to personal interest, or due to narrow-mindedness - they are used to looking at Washington. And for the IMF, it is important that there be free movement of capital, primarily speculative, the IMF serves the interests of Western capital.
But now the situation has changed dramatically, really. Because the West, as in the famous novel, "helped us" - to carry out, in fact, de-dollarization.
And all this activity has largely lost its meaning. In any case, the dollar has ceased to be a currency for us, and the euro too. It is impossible to buy them today. And currency, dollar accounts are, in fact, frozen.
I think that this is the agony, the agony of the US and British power and financial elite.
They have lost economic leadership. Has long been.
They still cannot accept that the center of economic activity in the world has moved to Southeast Asia. They completely lost the economic competition with China, they tried to stifle it with a trade war under Trump, but nothing came of it. China is only getting stronger.
They have lost world leadership, their authority has been significantly blown away.
They took desperate measures. They not only froze Venezuela's foreign exchange reserves, they simply stole them and handed them over to the enemies of the Venezuelan government.
They have stolen Afghanistan's foreign exchange reserves now.
It had to be understood that they would go with the abuse of their monopoly on the world's reserve currency to the limit, until this currency ceased to be a currency.
It is, in fact, suicide for them.
In the sense that, in order to do dirt on Russia, they are actually undermining their own monetary and financial power, their monopoly on the issuance of the dollar and the euro as world reserve currencies.
The entire interview with Sergey Glazyev can be viewed here.