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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SBG said:
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.
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Exactly this. Nations do not enrich themselves via export of raw materials. It provides substantial short-term growth that must be reinvested into manufacturing and domestic utilization of said resources in order to create actual wealth growth. Just look at the antebellum USA with the South exporting cotton around the world versus the North building textile mills.
 
bruh your currency is literally worth less than a penny

why dont you like work your way up to nickle status and in a decade or two if you play your cards right maybe you can even hang out with the dime boys
 
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