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


Yes, I am aware that Russian President Vladimir Putin has said that the US dollar-based global financial system is collapsing. He made this statement at the plenary session of the Valdai Discussion Club on October 5, 2023.

Putin argued that the Bretton Woods system, which was created after World War II and established the US dollar as the world's reserve currency, is no longer sustainable. He pointed to the declining share of the US economy in global GDP and the US government's use of its financial power to sanction other countries as evidence of this.

Putin also said that the global financial system is becoming increasingly unstable and that this is putting the global economy at risk. He called for a new system of settlements to be established within the BRICS framework and for a transition to national currencies.

It is important to note that Putin's comments are self-serving, as Russia is one of the countries that has been sanctioned by the US. However, his concerns about the global financial system are shared by many economists and policymakers.

There are a number of factors that could contribute to a collapse of the US dollar-based global financial system. These include:

  • The growing debt levels of the US government and private sector
  • The increasing use of sanctions by the US government
  • The rise of China and other emerging economies
  • The development of new financial technologies, such as cryptocurrencies

It is important to note that there is no consensus among economists about whether or not the US dollar-based global financial system is actually collapsing. However, Putin's comments are a reminder that the system is not without its risks.

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