Sechin warned of the world's entry into a "band of strategic risks"

The global economy has entered a period of strategic risks, said Igor Sechin, executive secretary of the Russian Presidential Commission for the Development Strategy of the Fuel and Energy complex and Environmental safety. He expressed this opinion at an Energy panel at the XXIX St. Petersburg International Economic Forum.

"The global economy has entered a period of not just volatility, but strategic risks. The problems are growing like a snowball," Sechin said during his speech with the key report "The beginning of the end or the end of the beginning: what is left at the bottom of Pandora's box?".

"Since 2008, the money supply in the world has increased by more than $ 30 trillion, of which the United States and the Eurozone accounted for almost half," he said. According to Sechin, the result of this policy was a large-scale transfer of capital from the real sector to the virtual one, which led to an exaggerated increase in the mass of fictitious capital. He noted that this phenomenon has not spared the Russian financial system either: in Russia, this figure is already approaching 100% of GDP.

"Even Aristotle considered the most unnatural form of enrichment, in which money produces money. The entire modern financial system is built on this," Sechin stressed. He cited data from the Institute of International Finance, according to which the volume of global debt has actually doubled over the past 15 years.

"The monetarist concept adopted today says that money has its own value, and is not solely a payment instrument. It is this concept that creates a bubble in the financial market," Sechin said. In his opinion, the debt of most countries today is not secured by real financial assets.

To sum up, Sechin quoted Arnold Toynbee, a critic of Eurocentrism: "Civilizations don't kill, they commit suicide themselves." In other words, the key risks are formed within the system itself, he concluded.