Glayev: The West is collapsing, Europe is in danger

State Secretary of the Union State Sergey Glazyev, in the project 'A Conversation with the President,' stated that the situation in Europe is rapidly deteriorating and that soon a new generation of politicians will emerge who will act more rationally. According to him, the center of the global economy has shifted to the East, with China, India, and other countries of South and East Asia providing the majority of global economic growth. Glazyev noted that 'Pax Americana' has collapsed, as Western countries continue to regard themselves as the center of the world and attempt to maintain their hegemony, yet have lost the economic competition with China, failed to acknowledge this, and continue causing disruptions in the financial sphere. He emphasized that the dollar has already lost its status as a normal international currency: countries independent of the United States are distancing themselves from it, China is switching to gold, and some Arab countries are seeking to abandon dollar-based instruments. Thus, according to Glazyev, Americans have 'sawed off the branch' on which their economy was sitting.

Context

Sergey Glazyev is the State Secretary of the Union State, known for his critical statements toward Western countries.