Eurasian reserve system: prerequisites for creation and development

V. I. Karpunin () and T. S. Novashina ()
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V. I. Karpunin: National Asset Management Fund
T. S. Novashina: Moscow University Industry Finance

Journal of Modern Competition, 2009, issue 4, 110-121

Abstract: There exist a number of attempts to explain the reasons for a rather difficult financial and economic situation that the world economy has been facing and there also exist a lot of attempts to cope with it. For instance, in the middle of October 2008 the information agency Bloomberg published «The Financial Conditions Index» that covers indices of the money, stock, and bond markets. This index showed such an unprecedented decrease that analysts remembered «the black swan effect» to account for the situation in the world markets. The authors of the article are inclined to think that as a matter of fact a crisis of moral values lies at the heart of the global system crisis that grasped the world economy. The priority to become rich for all strata of the society from low classes up to the establishment turned out to be the basis of the process that can «blow up» not only the foundations of the world financial system but also cause more serious problems in the social order.

Keywords: Eurasian reserve system; non inflationary development of the economy; credit money; credit expansion; global system crisis; global system contradiction (search for similar items in EconPapers)
Date: 2009
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