Policies enacted by the US and EU have discredited Western banking and its currencies, according to the Russian president
The West is discrediting its own currencies and banking system, while established monopolies in the global economy are crumbling, Russian President Vladimir Putin said in his annual address to the Federal Assembly on Thursday.
Russia together with so-called ‘friendly’ nations will focus on creating new financial infrastructure that will be free from politics as it seeks to unite efforts in the face of global challenges, he said.
“The West itself is discrediting its own currencies and banking system. They’re sawing off a branch they’ve been sitting on for decades,” Putin said.
The president was referring to the growing global trend of using national currencies in trade rather than the US dollar, which has gained significant momentum since Russia was cut off from the Western financial system and had its foreign reserves frozen in 2022.
A number of Russian and foreign officials have repeatedly warned that the US dollar has long been used as a weapon, noting that such actions have prompted countries around the world to reduce their dependence on the greenback.
Putin emphasized that Moscow is working with its allies on the basis of equality and respect of mutual interests. Because of this, he said, more and more countries are seeking to join groups such as BRICS, the Eurasian Economic Union, and Shanghai Cooperation Organization.
Together with its partners Russia will continue building “safe” transport corridors based on new technology and create a new global financial network “free from political interference” at a time when the world economy, trade and finance are undergoing rapid changes, the president noted.
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Lol. Long-time lurker here, this one made me chuckle so hard I wanted to post on this lovely Friday morning.
MMT is global, not “Western”, and BRICS+/SCO+ have offered no alternative anyway. None. Despite all the years of hoopla, pablum, salivating, and commentatin’ out there.
The Russkies are in even more dire straights than us given that they have land borders rather than oceans with the Eurocrat socialists and Chinese communists, so I do sympathize.
When Moscow addresses Beijing’s link to the dollar specifically and support of the globalist UN system generally, then we’ll know something interesting is changing. Until then it’s all insider jockeying for position. “Free from politics” yet the challenges are “global”.
hardy-har-ha-ha-ha
FAFO… Chip
From ‘long-time lurker’ directly to bullshitter – congrats!
Well, enjoy your in-less-dire-straits US, as long as it lasts.
Thanks, I expected nothing less on the first one. So let’s return to the content of the article.
Why doesn’t China let its currency substantially appreciate against the dollar/yen/pound/euro/etc. and arrest “Western” banksters and generally withdraw from the awful “Western” system (IMF/BIS/SDGs/etc.) if the dollar is so obviously just a Western problem and national sovereignty in BRICS-landia is going so great?
One last question. If you’ve given up on America, where exactly is a better place instead?
lol he moved to Russia
china just wants to make a buck
https://www.aa.com.tr/en/asia-pacific/russian-customs-officers-impound-containers-transporting-ukrainian-military-uniforms/3125779
Heaven is the only alternative.
I like the way you think!
Heaven. I hear people are dying to get there! Are YOUR bags packed yet?
Stop destroying yourself financially!
Pay off all your debts!
You will thank me later
And put your capital into tools and skills.
oh certainly not. We are very fiscally responsible.
Rot comes from the top and flows down.
https://www.theblaze.com/news/dc-pilot-program-gives-low-income-moms-10800-to-get-by-one-recipient-splurged-for-the-high-life?tpcc=email
I wonder what currency is used for all that gas still going through Ukraine
https://swentr.site/business/593326-eu-russian-gas-transit-ukraine/