Russia has world war on it's mind

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Sergei Glazyev perceives the world shifting to a war footing.

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Putin struck back this week with a ban on U.S. and European food imports that may benefit the former Soviet allies.

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the U.S., where "hawks" are provoking a global conflict "with the aim of establishing control not only in Europe, but also in Russia, Ukraine," Glazyev said in an interview in Moscow on Staraya Ploshchad, where the presidential staff has its headquarters. On his office's walls are a picture of Putin and an updated map of Russia that marks the annexed Crimea peninsula as its territory.

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In May, Putin signed a treaty with his counterparts from Kazakhstan and Belarus to create a trading bloc of more than 170 million people. Kyrgyzstan and Armenia are seeking to join by the end of the year. The union, effective from the start of 2015, is intended to yield a free flow of goods, capital and workers, and will level tariff and non-tariff regulations.

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The trading bloc stands to lose about 1 trillion euros ($1.3 billion), an estimate he says includes the possible bankruptcy of several European banks and companies toppled after the cutoff in financial and economic ties. An energy crisis in Europe will bring a sharp spike in prices and a loss of competitiveness for European producers. Meanwhile, Turkish, Chinese and east Asian nations will fill the void left by the departure of their European rivals from the Russian market.

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The fallout will cost 250 billion euros for Germany alone while pushing the three Baltic states to the brink of an "economic catastrophe," he said. Lithuania and Latvia will lose the equivalent of half of their entire economic output, and the cost for Estonia will reach 50 percent more than its gross domestic product, Glazyev said.

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"What could serve as our chief response is the implementation of a plan for fast-track development of the Russian economy on the basis of a new technological order," he said. "This plan includes a transition to a sovereign monetary system underpinned by internal sources of credit, an active policy of innovation and support for progress in science and technology."

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Australia: There will be very serious consequences for us.....But the other impact will be that in our major export markets, we will now see increased completion from the other dairying countries and regions such as in Europe who are also affected by the Russian ban; they will be looking to sell their products elsewhere and that’s going to make life harder for us all around.”

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