Economist Predicts Emergence of a New Global Financial System

Russian economist Anton Tabag stated that the current system of monetary relations and trade settlements has been in crisis for a long time, but recent geopolitical events may take it in a different direction. The state news agency "Novosti" quoted the economist saying, "The current financial system has deteriorated for a long time. The recession in trade volume and freedom of trade has worsened since 2012, and the financial system is collapsing due to regulatory requirements and anti-money laundering efforts, as well as recent sanctions. Considering the recent events occurring outside the financial realm, this process could take on a more complete form." The economist expressed confidence that a new system is in the process of formation, noting, "If you look at history, something similar actually happened in the second half of the 19th century when currency blocks and customs unions were established, and restrictions and fees were imposed on transactions outside these blocks and unions. Now we are witnessing this at a new stage and a new technological level."