In the face of a rapidly blowing-out world monetary system, which is driving an escalation of war by the Bush-Cheney administration, Russia and China, knowing the war-drive is actually aimed at them, are escalating a front continually pushed by the American economist Lyndon LaRouche—the creation of a new, fair and just economic system which will put people first.

Addressing the St. Petersburg International Economic Forum on June 10th, Russian President Vladimir Putin diagnosed existing international economic and financial institutions as non-functional, calling for "a new architecture of international economic relations" based on mutual benefit, and pushed Russia's vision of Eurasian economic development, including energy security and transportation corridors.

Enterprises of China and Russia signed contracts worth some US$2 billion at the St Petersburg Forum, and will begin building their first international bridge, linking the far east of Russia to the northeast of China. (Click here for a full report on the forum.)

Three days earlier, in his speech to a pre-G8 "sideline" event of developing nations, Chinese President Hu Jintao said that developing countries "should continue to work for the establishment of a sound international economic order and foster an enabling financial, trade and energy environment," because developing nations are facing "mounting challenges" from globalisation, and must work together to meet these challenges.

On June 10, Venezuelan Finance Minister, Rodrigo Cabezas, commenting on the founding documents for the new Bank of the South being written now, re-iterated that the new financing entity, which will replace the IMF for six South American nations, will reflect a "new type of financial architecture."

See http://www.larouchepac.com/ for updates of this story.