• 96 days Could Crypto Overtake Traditional Investment?
  • 100 days Americans Still Quitting Jobs At Record Pace
  • 102 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 105 days Is The Dollar Too Strong?
  • 106 days Big Tech Disappoints Investors on Earnings Calls
  • 107 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 108 days China Is Quietly Trying To Distance Itself From Russia
  • 109 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 113 days Crypto Investors Won Big In 2021
  • 113 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 114 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 116 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 116 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 120 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 120 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 121 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 123 days Are NFTs About To Take Over Gaming?
  • 123 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 126 days What’s Causing Inflation In The United States?
  • 128 days Intel Joins Russian Exodus as Chip Shortage Digs In
Is The Dollar Too Strong?

Is The Dollar Too Strong?

The U.S. dollar has been…

Consumer Price Index Hits 13-Year-High

Consumer Price Index Hits 13-Year-High

Goldman Sachs shares the Fed’s…

Fintech Goes “Green”, Joining $30T ESG Boom

Fintech Goes “Green”, Joining $30T ESG Boom

Back in 2019, Goldman Sachs…

  1. Home
  2. Markets
  3. Economy

Kremlin Moves To Dump The Dollar

Russia

This is twice that Russian President Putin has said on the global stage the Federal Reserve Note no longer deserves the status and privilege of “world reserve currency” that allows unlimited printing of the currency.

The first time he made mention he actually said that it was a threat to Russia’s national security.

In a speech at the International Economic Forum, in St. Petersburg, Russia, “Russian Davos”, President Putin reaffirmed his position regarding the Federal Reserve Note and its international role. For the record, we see the abuse of the Federal Reserve and the Federal Reserve Note, U.S. dollar, in a similar light as President Putin. The current status of “world reserve currency” should not be allowed in this day and time. The absolute abuse of power, excessive power granted and the ability to shackle entire nations through the use of a currency that is not even their own should have never been allowed but it is way past time for this system to be dissolved.

In a speech at a plenary session, Mr. Putin accused Washington of seeking to “extend its jurisdiction to the whole world.”

“But this model not only contradicts the logic of normal international communication. The main thing is, it does not serve the interests of the future.”

- Source

As recently we pointed out Russia has been and is, apparently readying, a gold backed cryptocurrency to use as global trade settlement. When a man steps up to the microphone and says to the world – “The main thing is, it (U.S. dollar) does not serve the interests of the future.” while at the same time announcing that Russia, along with China, are working on a global trade settlement mechanism outside the dollar, well, you would have to be some kind serious stupid to ignore those words. Related: Is This A Turning Point For Gold?

The Business Times also reported:

Changes in the global economy “call for the adaptation of international financial organisations (and) rethinking the role of the dollar which... has turned into an instrument of pressure by the country of issue on the rest of the world,” Mr Putin said.

Then went on to say:

The Kremlin chief – whose country has chafed under numerous rounds of US sanctions – has repeatedly slammed the global financial system established by Washington in the aftermath of World War II.

Let’s be clear about the effect of the sanctions against Russia. These sanctions that were supposed to cripple Russia have in fact made their economy stronger, more resilient and the groundwork for long term growth is now in place. President Putin welcomes sanctions as he simply turns to the people and Russia, funds the next set of projects and Russia becomes a little more self-sustaining. Sanctions no longer work, and the Federal Reserve, U.S. Treasury and the western allies have now been put on notice.

By Zerohedge

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment