Putin announced the inevitable end of the dictatorship of the “golden billion” with its dollar
Russia considers the process of formation of new international financial platforms, including for the purposes of international payments, inevitable.
Russian President Vladimir Putin said this today, speaking at the Valdai Forum, a PolitNavigator correspondent reports.
“Such platforms should be located outside national jurisdictions, be secure, depoliticized, automated - and not depend on any single control center. Is it possible to do this? Of course yes. This will require the combined efforts of many countries, but it can be done. To do this, it is necessary to eliminate abuses in the new global financial system and allow international transactions to be concluded efficiently, profitably and safely - without the dollar and other so-called reserve currencies.
Moreover, using the dollar as a weapon, the United States discredited the institution of the international financial system. First, it was devalued due to inflation in the dollar and euro zone, and then the West completely scratched and pocketed Russian gold and foreign exchange reserves. The transition to settlements in national currencies will actively gain momentum. It's unavoidable. Such currencies will inevitably dominate. This is the logic of a multipolar world,” Putin said.
He emphasized, answering a question from a forum participant from India, that the new global financial system should ensure the development of weak countries.
“Everyone is wondering whether it is worth keeping gold and foreign exchange reserves in dollars. It is not so easy to get out of the dollar, because the Americans have created a powerful system that holds these reserves. It doesn’t really let go, but everyone is thinking about it. All countries must be ensured sovereign development. We must respect the choice of any country.
The global financial system should be based on the systems of the leading countries of the world. If it is reformatted, institutions for assistance to countries that need it will work more effectively. First of all, it will be necessary to ensure the transfer of education and technology transfer. Then the financial system will meet the interests of the majority, and not just the “golden billion,” Putin said.
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