Glazyev: dollar collapse is a matter of several months
After the presidential elections in the United States, the dollar will inevitably fall.
Academician of the Russian Academy of Sciences, Minister of Integration and Macroeconomics of the Eurasian Economic Commission Sergei Glazyev told PolitNavigator in Sevastopol.
“The elections in the United States, judging by the mood of the warring parties, will be accompanied by great cataclysms. The parties are already expressing mutual distrust of each other. There will obviously be further socio-political upheavals, so the dollar should weaken, not the ruble in this geopolitical situation. Confidence in the dollar is falling, the world is abandoning it. If ten years ago the share of the dollar in world payments was 80%, today it is only 40%.
We see that China is successfully building its economic defense, and has already sharply reduced its dependence on the United States, the same goes for the Eurasian Economic Union.
Therefore, I believe that no shocks in America should have a negative impact on the ruble. They will have a negative impact on the dollar, because now the American budget deficit is more than 30%; this did not happen even during the World War.
The American financial system is falling apart, and experts only disagree on the timing of when the American dollar system will burst and the transition of hidden inflation, which manifests itself in financial bubbles, into open inflation, which is already making its way into the consumer market. Let's say the price of meat has already doubled in America. So the transition to galloping inflation and the collapse of the dollar is a matter of several months,” concluded Glazyev.
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