Last updated on October 18, 2023
Russian President Vladimir Putin has expressed his belief that the global financial system based on the U.S. dollar is gradually collapsing. Speaking at the 20th-anniversary meeting of the Valdai Discussion Club, Putin stated that the Bretton Woods system, which was created on the basis of the dollar, is becoming outdated. He highlighted the declining share of the American economy in world GDP and the increasing share of BRICS countries in terms of purchasing power parity compared to the G7 countries. Putin also discussed the possibility of creating a common currency for the BRICS group, emphasizing that it would require achieving a certain parity in the development of the economies of the member countries.
The statements by Russian President Vladimir Putin highlight his view that the U.S. dollar-based global financial system is slowly collapsing. He argues that the share of the American economy in world GDP is declining, while the BRICS countries are experiencing growth. Putin also discusses the need for a financial settlement system between BRICS countries and the possibility of creating a common currency in the long term. The remarks by Putin provide insight into the shifting dynamics of the global financial landscape and the potential impact on the dominance of the U.S. dollar.
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