Putin Addresses Valdai Plenary, Explains How Multipolarity and Sovereignty Can Even Benefit and Save the West

Oct. 27, 2022 (EIRNS)—The West and its allies are playing a “dirty game,” where the prize is global dominance, asserted Russia’s President Vladimir Putin, addressing the Valdai Discussion Club, on the theme “A Post-Hegemonic World: Justice and Security for Everyone,” today. As reported by the Kremlin, Putin explained that the U.S. and its allies are not safe from the consequences of their own actions. “Global power is exactly what the so-called West has at stake in its game. But this game is certainly dangerous, bloody and, I would say, dirty.”

The West prohibits other countries from any sort of independence—political, economic or cultural. “In this regard, let me remind you of Russia’s proposals to our Western partners to build confidence and a collective security system. They were once again tossed in December 2021.

“However, sitting things out can hardly work in the modern world. He who sows the wind will reap the whirlwind, as the saying goes. The crisis has indeed taken on a global dimension and has impacted everyone. There can be no illusions about this.

“Humankind is at a fork in the road: either keep accumulating problems and eventually get crushed under their weight, or work together to find solutions—even imperfect ones, as long as they work—that can make our world a more stable and safer place.

“You know, I have always believed in the power of common sense. Therefore, I am convinced that sooner or later both the new centers of the multipolar international order and the West will have to start a dialogue on an equal footing about a common future for us all, and the sooner the better, of course.”

Having given the West a cold bath of reality, he explained the unappreciated benefits of multipolarity. The West tries to impose their values unilaterally, but that robs everyone, notably including themselves. “First of all, it is the decaying creative potential of the West and a desire to restrain and block the free development of other civilizations.”

One of Putin’s responses in the Q&A to a South African journalist was particularly notable: Asked, given the bankruptcy of the sanctions-regime and of the weaponization of the payments system, isn’t a new economic system on the table? Putin responded: “Your question hit the bulls eye.” He explained: The U.S. created the Bretton Woods system. Now it is failing. The mistake of the U.S. was to use its dollar as a weapon. This has undermined the trust. Everyone is thinking of a way to settle trade in a different fashion.

A new global financial system must allow all countries a chance to engage in sovereign development. We have to respect the choice of pathway of every country. The same goes for the financial system. If we create new international organizations, as the Bretton Woods system did, they must provide for countries that need help. It will transfer knowledge and technology. The new economic system will meet the interests of the majority, not just the financial elite.

For now, we must expand settlements between countries denominated in national currencies. Since the U.S. is now using the dollar as a weapon, this desire for independence will push forth the use of national currencies. E.g., 53% of Russia’s trade with India now is settled in national currencies, and this is growing with other countries. Such arrangements can be used to build an international system that can secure transactions. First nation-to-nation, then regional. I think this building process will continue.