Russian President Putin Says US Dollar-Based Global Financial System Is Collapsing

Russian President Vladimir Putin has stated that the U.S. dollar-based planetary fiscal strategy is gradually collapsing. “After all, a currency is simply a derivative of the powerfulness of the system of the state that issues this currency,” Putin noted, emphasizing: “The stock of the American system successful satellite GDP is declining.” In contrast, the Russian president highlighted the expanding stock of BRICS countries successful presumption of purchasing powerfulness parity compared to the G7 countries.

Putin connected U.S. Dollar-Based Financial System Collapsing

Russian President Vladimir Putin conveyed astatine the plenary league of the 20th-anniversary gathering of the Valdai Discussion Club connected Thursday that the planetary fiscal strategy based connected the U.S. dollar is gradually collapsing.

“The Bretton Woods system is outdated,” Putin said (translated by Google), noting that helium is not the lone 1 with this view, arsenic Western experts besides stock this perspective. The Russian president added:

This Bretton Woods strategy was created connected the ground of the dollar, but it is each gradually collapsing. After all, a currency is simply a derivative of the powerfulness of the system of the state that issues this currency.

“The stock of the American system successful satellite GDP is declining. This is besides an evident thing, this is statistical data,” helium stressed.

In contrast, Putin emphasized that the stock of the BRICS countries “in presumption of purchasing powerfulness parity successful narration to the stock of the G7 countries, is increasing, particularly aft the admittance of caller members to the organization.” He pointed out: “This is already a superior meaning, the quality is rather serious.”

The BRICS economical bloc precocious extended membership to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). At the decision of the BRICS acme successful August, the leaders of Brazil, Russia, India, China, and South Africa declared “the value of encouraging the usage of local currencies successful planetary commercialized and fiscal transactions.”

Commenting connected the BRICS radical creating a common currency, the Russian president opined:

For BRICS, we present request not to make a azygous currency, but we request to found a colony system, make fiscal logistics successful bid to guarantee payments betwixt our states, power to payments successful nationalist currencies.

Putin further shared: “Yesterday we discussed this contented with our experts, including the anticipation of creating a azygous BRICS currency. Theoretically, yes, it’s astir apt possible, but successful bid to ever attack this, we request to execute a definite parity successful the improvement of the economies of our countries, but this is simply a precise semipermanent prospect.”

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