Sergey Storchak, CEO of Russian bank VEG, framed it quite diplomatically: "If the voices of emerging markets are not being heard in the coming years, we need to think very seriously about setting up a parallel regional system, or maybe a global system."
A "parallel regional system" is already being actively discussed between the Eurasia Economic Union (EAEU) and China, coordinated by Minister of Integration and Macroeconomics Sergey Glazyev, who has recently authored a stunning manifesto amplifying his ideas about world economic sovereignty.
Developing the 'developing world'
What happens in the trans-Eurasian financial front will proceed in parallel with a so far little known Chinese development strategy: the Global Development Initiative (GDI), announced by President Xi Jinping at the UN General Assembly last year.
GDI can be seen as a support mechanism of the overarching strategy - which remains the Belt and Road Initiative (BRI), consisting of economic corridors interlinking Eurasia all the way to its western peninsula, Europe.
At the High-level Dialogue on Global Development, part of the BRICS summit, the Global South learned a little more about the GDI, an organization set up in 2015.
In a nutshell, the GDI aims to turbo-charge international development cooperation by supplementing financing to a plethora of bodies, for instance the South-South Cooperation Fund, the International Development Association (IDA), the Asian Development Fund (ADF), and the Global Environment Facility (GEF).
Priorities include "poverty reduction, food security, COVID-19 response and vaccines," industrialization, and digital infrastructure. Subsequently, a Friends of the GDI group was established in early 2022 and has already attracted over 50 nations.
BRI and GDI should be advancing in tandem, even as Xi himself made it clear during the BRICS summit that "some countries are politicizing and marginalizing the developmental agenda by building up walls and slapping crippling sanctions on others."
Then again, sustainable development is not exactly the G7's cup of tea, much less NATO's.
Seven against the world
The avowed top aim of the G7 summit in Schloss Elmau at the Bavarian Alps is to "project unity" - as in the stalwarts of the collective west (Japan included) united in sustainable and indefinite "support" for the irretrievably failed Ukrainian state.
That's part of the "struggle against Putin's imperialism," but then there's also "the fight against hunger and poverty, health crisis and climate change," as German chancellor Scholz told the Bundestag.
In Bavaria, Scholz pushed for a Marshall Plan for Ukraine - a ludicrous concept considering Kiev and its environs might as well be reduced to a puny rump state by the end of 2022. The notion that the G7 may work to "prevent a catastrophic famine," according to Scholz, reaches a paroxysm of ludicrousness, as the looming famine is a direct consequence of the G7-imposed sanctions hysteria.
The fact that Berlin invited India, Indonesia, South Africa and Senegal as add-ons to the G7, served as additional comic relief.
The Tin Curtain is up
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