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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

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