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| Economy |
| Putin predicts ‘gradual collapse' of dollar-based financial system |
| 2023-10-06 |
| [RT] The dollar-based global financial system is not balanced as it does not meet the interests of all countries, Russian President Vladimir Putin said on Thursday at the plenary session of the Valdai Discussion Club. According to Putin, the dominance of the American currency has to end, which is already happening, while the US authorities are "shooting themselves in the foot." "The Bretton Woods system — it was once created on the basis of the dollar, but all this is gradually collapsing. Currency is a derivative of the power of the country’s economy, which issues this currency," the Russian leader pointed out. In addition, the share of the US economy in global GDP is declining, as evidenced by statistical data, Putin emphasized. According to the president, Washington is used to printing money in order to cover its budget deficit, and will continue the policy as long as needed. "They will print more. They printed, well, more than $9 trillion during the Covid and post-Covid period. Therefore, it costs them nothing to print something else and scatter it all over the world, thus increasing food inflation. They will do it for sure," Putin predicted. |
| Posted by:Grom the Reflective |
| #3 Strippers will be hit hardest. |
| Posted by: Super Hose 2023-10-06 12:54 |
| #2 I see all sorts of anecdotes about this. But there is a comprehensive study of currencies involved in international trade conducted triennially by the Bank for International Settlements (which is about the only source that actually has all the data.) They show virtually no change in USD participation in international trade 2001-22. https://www.bis.org/publ/qtrpdf/r_qt2212x.htm see chart A-1. |
| Posted by: Tom 2023-10-06 11:29 |
| #1 Biden and company are working hard on that. They're too 'smart' to understand that totally collapsing the economy will destroy the one major function holding the country together. |
| Posted by: Procopius2k 2023-10-06 07:00 |