Russia REJECTS US Dollar! – The FALL Of The World Reserve Currency
Josh Sigurdson talks with author and economic analyst John Sneisen about the fall of the world reserve currency as countless countries throughout the world swap out of the US dollar including China and to a great extent, Russia.
During a recent press conference, Putin said sanctions as well as other steps are undermining confidence in the US dollar.
“We aren’t ditching the dollar, the dollar is ditching us,” he told the VTB Capital forum in Moscow Wednesday. “The instability of dollar payments is creating a desire for many global economies to find alternative reserve currencies and create settlement systems independent of the dollar. We’re not the only ones doing it, believe me.”
He’s not wrong. That doesn’t make the Ruble good. All fiat systems meet their inevitable end. But the US world reserve currency is seriously facing a lot of problems right now as countries throughout the world lose faith. Countless coalitions are being created for payment systems outside of the US dollar. Oil payments are being made across the board by multiple countries in the Chinese Yuan as China props itself up to be the next global super power with the IMF looking at basing their headquarters in Beijing in the coming years. The next world reserve currency with voting rights on the SDR.
Russia is also stocking up on gold as it increases mining capabilities and many countries are repatriating their gold.
Now, no government and no bank is innocent. The banking system is completely bankrupt and in desperation mode while the governments throughout the world are pulling the same moves alongside banks that the IMF has made for decades. Loaning more money to countries than the countries can pay back.
According to recently released documents, VTB in Russia just loaning the poorest country in the world, the Central African Republic which is currently going through a massive inflationary event SIX TIMES its GDP!
VTB is a Russian state bank. The Central African Republic’s GDP is $1.95 billion while the loan is around $12 billion. Consider the magnitude of that. We are seeing similar things happen with China taking ownership of state electric monopolies in places like Zambia following similar loans.
All the while, the latest G20 conference is happening in the inflation haven of Argentina which we will be keeping a close eye on in the coming week.
Be self sustainable. Decentralize everything. Be independent. Be financially educated! It comes down to you good people. Rule yourself.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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