RU Dollar-based financial system is crumbling – Putin

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Dollar-based financial system is crumbling – Putin​

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.
 
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dustbuster said:
You run cover for literal communist show trials, and blame the victims.
I don't "think" it, you scream it at the top of your posts.
T. a "magachud"
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I tend to highly dislike the low IQ, yeah, sue me
Would you prefer MAGApede or Qtard?
Lemme know, I have a generous heart and would do almost anything to satisfy Donnie Blumpf's dick sucklers
 
AgendaPoster said:
I tend to highly dislike the low IQ, yeah, sue me
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The bathroom mirror must be schadenfreude every few hours for you.

What's the latest show trial docket you've watched?
Do you eat popcorn like a modern moviegoer or do you prefer the early 20th century tradition of standing at applause or roman salute until a signal from the propaganda minister?

Remember, though, you're the "good guy".

JambledUpWords said:
If Russia’s currency is objectively stronger, why isn’t India buying Russian oil in the ruble?
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This is russia literally reporting a massive trade surplus is making other currencies weak against the Ruble.
The most immediate impact should be very concerning to Modi:
Russia has a blank check to buy anything it wants in the Indian economy
 
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Well the PetroDollar has always been backed by the threat of the US paying your country a nice friendly "visit" if you decide to trade oil in anything other then US dollareedo's.

But with the increasingly fractured social fabric of the US, the quickly splintering two party system and the devolving of the once mighty US Armed Forces into a tranny loving, LGBTQWTF party that "big stick" old Teddy talked about is turning into a soft and floppy dildo.

If OPEC goes thru with dropping the US dollar, which they have been threatening since the 70's, it will cause a world wide economic crash the likes of which we have never seen.

Will they? I doubt it. They have as much to lose as the west does and even the oil sheiks who mouth death to America spend 60% of their time in the US living large.

Still, if events spiral out of control, the US stays a weak and divided nation and the oil states stop fearing a visit from Uncle Sam...well it could happen.
 
Sweeter and Savoury said:
If OPEC goes thru with dropping the US dollar, which they have been threatening since the 70's, it will cause a world wide economic crash the likes of which we have never seen.
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They've already started pilot programs, and are working with BRICS to develop a gold-backed common currency.
The impact is already being felt.
Enjoying that $8 a box cerial (that was 3.80 just 3 years ago?)
 
dustbuster said:
This is russia literally reporting a massive trade surplus is making other currencies weak against the Ruble.
The most immediate impact should be very concerning to Modi:
Russia has a blank check to buy anything it wants in the Indian economy
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The only country that accepts rupees is India, so if Russia is making a lot of money in rupees, they can either hold them or spend only in India. This results in India essentially getting their oil for free from Russia. This trade deal works out better for India than it does Russia.
 
JambledUpWords said:
This results in India essentially getting their oil for free from Russia.
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No, it results in Russia having hold of a monetary policy nuke they can use to transform India into a vassal state.
Russia is rapidly building the exact kind of power the USA wielded for some 60 years to get its way.
 
JambledUpWords said:
Russia does not have the upper hand with currency.
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Russia struggling to shed other currencies due to strong trade surplus indicates an absurd upper hand.
Their trade surplus is ballooning so fast they need to rapidly deploy a currency exchange system to normalize their situation.
This is the kind of problem the USA would love to have.

On a macro level this basically means they "own" chunks of other country's GDP and can redeem at will.
Japan once had this level of surplus with the USA and it resulted in the entire Reagan era's pop culture being dominated by paranoia over Japanese influence (which was justified, just look at animu)
 
dustbuster said:
No, it results in Russia having hold of a monetary policy nuke they can use to transform India into a vassal state.
Russia is rapidly building the exact kind of power the USA wielded for some 60 years to get its way.
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absolute delusion lmao
russia is absolutely not in a position where it could afford to accumulate rupee reserves for some kind of nefarious financial blackmail scheme against india in the future, this is not how forex markets work. what is happening is that these rupees go back to india in exchange for either indian produced commodities, foreign goods imported to india and resold to russia at a markup, or different foreign currencies to trade elsewhere.
 
dustbuster said:
Russia struggling to shed other currencies due to strong trade surplus indicates an absurd upper hand.
Their trade surplus is ballooning so fast they need to rapidly deploy a currency exchange system to normalize their situation.
This is the kind of problem the USA would love to have.

On a macro level this basically means they "own" chunks of other country's GDP and can redeem at will.
Japan once had this level of surplus with the USA and it resulted in the entire Reagan era's pop culture being dominated by paranoia over Japanese influence (which was justified, just look at animu)
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One part of the article mentioned this:
Despite that push the yuan still accounted for just 2.6% of all foreign reserves as of the first quarter – while the dollar held a mammoth 59% share, according to data from the International Monetary Fund.
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This is the definition of a reserve currency:
A reserve currency is a foreign currency that is held in significant quantities by central banks or other monetary authorities as part of their foreign exchange reserves. The reserve currency can be used in international transactions, international investments and all aspects of the global economy.
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For comparison, this is what the world’s reserve currency looks like:
C95121D5-FD31-4887-8E1A-D7595B8843C9.jpeg
Despite China’s large GDP, it does not store have a large reserve currency. Russia isn’t even on there and is among the “other.”
 
DumbDude43 said:
absolute delusion lmao
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When countries get massive surpluses with the USA, they use those dollars to buy land in the USA because currency imbalances render it extremely cheap for them.

When Japan enjoyed this, we had Japanese RE developers taking over. The "Back to the Future" trilogy was iconic of the expression of public paranoia in pop culture over this. "The Japanese will own us" everyone thought.
Chinese have been buying up US land like crazy, residential and farm. It's been the subject of concern for national security and housing affordability that has died down as the chinese real estate sector has imploded.

What do you think Russia is going to be doing to India and other nations it exports heavily to over the next few years?
What level of influence will that grant russia over local political affairs there as its companies develop that land?
 
dustbuster said:
When Japan enjoyed this, we had Japanese RE developers taking over. The "Back to the Future" trilogy was iconic of the expression of public paranoia in pop culture over this. "The Japanese will own us" everyone thought.
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yeah and what did actually come of it? nothing.
businesses from another country buying property in yours is called investment and is generally a positive for your economy. it does not translate to a foreign state annexing your territory, it's all still subject to your own laws and regulations and administration.
russia buying commercial property in india is not a threat or even a negative to india, it's standard practice, it's part of doing business in international markets, it doesn't somehow make new delhi into moscows vassal.

there are some concerns with chinks buying their way into security related technology companies, or buying land adjacent to military bases for spying, but those can be dealt with and blocked on an individual bases (if the government wants to) and i don't think russia would have much to gain from doing such things in india (what is there to spy on in poo land?)
 
Bog-standard Poster said:
don't the US and China rely on oil for their economies to work? Seems like an oil exporter would be a pretty valuable country to have on your side. If not, they could push the price of petrol up
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US has tons of options to get its oil from, including domestic production. they prefer to import because it's better to let others deplete their reserves first while you keep yours intact for the future, and because of environmentalist whining, but they always have the option to start drilling if foreign oil becomes too expensive or scarce.
 
Russia has done nothing to improve its economy for years and still mostly depends on its natural resources for the majority of its economy, which leaves most of its people in poverty as it results in fewer number of better jobs being available even for things as basic as manufacturing.

It's a consequence of Russia being run by people more concerned with muscling their way into monopolies over industries than trying to foster a healthy economy.
 
The western economy was fucked the second they started debanking and freezing(stealing) the assets of anyone who said anything they didnt like.
 
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