Vladimir Putin slams the U.S. dollar as a trust-based system backed by nothing

Russian President Vladimir Putin criticized the United States for abandoning the gold standard. The criticism is based on the country leaving the U.S. dollar as a trust-based currency backed by nothing.

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Notably, this statement comes amidst growing efforts by BRICS countries (Brazil, Russia, India, China, and South Africa) to develop an alternative payment platform that reduces reliance on the U.S. dollar. The initiative, born at the Johannesburg summit in 2023, aims to bolster trade and lending among BRICS nations using their currencies instead of the dollar.

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Commodities like gold, silver, and cryptocurrencies (…) have been proposed as alternatives to fiat currencies like the U.S. dollar.

These assets are not controlled by any single government or central bank and are often seen as a hedge against inflation and economic instability.

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Nevertheless, despite the growing momentum behind de-dollarization efforts, analysts argue that replacing the dollar is no simple task. The dollar’s deep-rooted presence in the global financial system poses a formidable challenge to any attempts at de-dollarization.

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Source: https://finbold.com/vladimir-putin-slams-the-u-s-dollar-as-a-trust-based-system-backed-by-nothing/