Russian President Putin Says US Dollar-Based Global Financial System Is Collapsing

During the 20th-anniversary meeting of the Valdai Discussion Club, Russian President Vladimir Putin expressed his views on the gradual decline of the global financial system centered around the U.S. dollar. Putin argued that the traditional Bretton Woods system, fundamentally tied to the dollar, is becoming obsolete. Notably, he pointed out that experts in the West share this perspective.

Putin underscored the connection between a country’s currency and its economic strength. As the share of the American economy in the global GDP diminishes, he observed that statistical data confirms this decline. Simultaneously, the influence of the BRICS countries, especially after welcoming new members, continues to rise, leading to a significant shift in the balance of economic power.

The BRICS bloc recently expanded by including countries like Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). At the BRICS summit, leaders from Brazil, Russia, India, China, and South Africa emphasized the importance of promoting the use of local currencies in international trade and financial transactions. In response to the idea of a common currency within BRICS, Putin suggested focusing on establishing a settlement system and financial logistics for payments between member states in their respective national currencies.

While the notion of a single BRICS currency is theoretically possible, Putin acknowledged that achieving such a goal would require a substantial and long-term effort. He emphasized the need for economic parity among the BRICS nations to approach this objective, indicating that discussions among experts have begun to explore this potential path.

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