Russian President Putin Says US Dollar-Based Global Financial System Is Collapsing
Russian President Vladimir Putin conveyed at the plenary session of the 20th-anniversary meeting of the Valdai Discussion Club on Thursday
that the global financial system based on the U.S. dollar is gradually collapsing.
“The Bretton Woods system is outdated,” Putin said (translated by Google), noting that
he is not the only one with this view, as Western experts also share this perspective. The Russian president added:
This Bretton Woods system was created on the basis of the dollar, but it is all gradually collapsing. After all, a currency is a derivative of the power of the economy of the country that issues this currency. The share of the American economy in world GDP is declining. This is also an obvious thing, this is statistical data
In contrast,
Putin emphasized that the share of the BRICS countries “in terms of purchasing power parity in relation to the share of the G7 countries, is increasing, especially after the admission of new members to the organization.” He pointed out:
“This is already a serious meaning, the difference is quite serious.”
