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Editor’s note: This is not the first time Putin has said that dollar’s status as the world reserve currency is being eroded (and that America’s own weaponization of it was to blame). It is also not the first time he has communicated this is something that Moscow would welcome. It is the first time however that he has expressed the opinion that US dollar will exit the scene sooner rather than later. For the record Russia’s own de-dollarization is fast becoming a reality.
Russian President Vladimir Putin succinctly summarized the shifting tectonic plates of geopolitics.
First he explained the status quo…
Support Russia Insider - Go Ad-Free!“The Dollar enjoyed great trust around the world. But, for some reason, it is now being used as a political weapon to impose restrictions.”
Then Putin explained the consequences…
“Many countries are now turning away from the Dollar as a Reserve Currency.”
And ultimately what happens…
“US Dollar will collapse soon.”
And just like that, it was gone. Remember “nothing lasts forever”…
As Bloomberg reports, Russia’s central bank has been the largest buyer of gold in the past few years.
Of course, Putin is not the first (and won’t be the last) to suggest the end is nigh for the dollar…
The World Bank’s former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system.
“The dominance of the greenback is the root cause of global financial and economic crises,” Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. “The solution to this is to replace the national currency with a global currency.”
Warren Buffett once explained that “for 240 years it’s been a terrible mistake to bet against America, and now is no time to start.”
We don’t mean to rain on his parade too much, but the following charts suggest time is ticking, as the world transitions from dollars to non-fiat reserves…
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