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Aleksey Muratov: Decentralization of global financial system to prevent new wave of crisis

Seven conferences of activists of the International Public Movement Change the World Together were held in two weeks in January of 2017, in India. According to Chairman of the Board of CWT Aleksey Muratov, most of them were held in the state of Maharashtra.

Also Chairman of the Board of CWT said that conferences took place in Ahmednagar (Maharashtra) and Dhanbad (East India) on January 15.

Another conference was held in Kolapur (Maharashtra) on January 18. ʺIt can be safely said that a quite strong local movement of our organization Change the World Together has developed in India to date, which includes tens of thousands of supporters and a number of which is increasing every day. Moreover, we are expanding our geographical activity in this country. The state of Maharashtra was the most active last year and now our activists work in other regions of India,ʺ Aleksey Muratov summed up.

He also said that a meeting of the Indian leaders of CWT took place in Mumbai on January 13, and which was held every month. ʺThese meetings are very important to our movement. As a rule, training courses for the leaders are conducted during these meeting as well as results of the work for month are summed up and new challenges are identified,ʺ Aleksey Muratov said.

 On January 7 - the conference in Pune, Maharashtra state

  On January 8 - the conference in Mumbai , Maharashtra state

 Furthermore, the leaders become familiar with the latest global economic news and then they analyze them in order to use these news in their speeches. ʺAt the last seminar, our leaders discussed the potential for a new global financial crisis related to an activity of the US Federal Reserve System,ʺ Aleksey Muratov said.

In particular, according to statistical data, a total world’s debt burden increased by $11 trillion for three quarters of 2016 and reached a record $217 trillion. ʺThe global debt increases by $15-16 trillion per year and it is 3,25 times higher than a global GDP now. In other world, the global economy generates only 15 cents of new GDP for every dollar of new debt. Interest payments on these loans depend on the US dollar, that is, on the US Federal Reserve System’s policy. The higher interest rates of the US Federal Reserve System are, the more expensive a dollar debt servicing is.,ʺ Aleksey Muratov said.

According to him, markets will have a dollar liquidity shortage as soon as a money machine of the US Federal Reserve System stops working. ʺThis situation will provoke a new liquidity crisis followed by global financial crisis and global recession. But, hopefully, an economic policy of Washington will be revised and guided not towards enrichment of global elite, bit towards improvement of the people’s well-being,ʺ Chairman of the Board of CWT said.

At the same time, he thinks that the decentralization of the global financial system will help to avoid the recurrence of the crisis. ʺThe leaders of Change the World Together are acutely aware that an economic policy change in America is too much to hope for. We need to look for alternatives and make a decision how to move away from dollar dependence by ourselves. Supporters of CWT believe that the implementation of financial technologies and transition from fiat money to cryptocurrency can solve this problem,ʺ Aleksey Muratov expressed his confidence.

Source: CWT News

  • January 25, 2017 9:49 AM MSK