News Fall Out Russia Putin says US itself killing greenback as reserve foreign money by weaponizing sanctions & uncontrolled cash printing, fueling inflation

Putin says US itself killing greenback as reserve foreign money by weaponizing sanctions & uncontrolled cash printing, fueling inflation




Washington itself is undermining the US greenback because the world’s reserve foreign money through the use of it as an instrument of sanctions overseas, whereas elevating the nationwide debt and inflating at residence, stated Russian President Vladimir Putin.

“It seems to me that the United States is making a very big mistake by using the dollar as a sanctions instrument … by preventing payment in dollars for the sanctioned products,” Putin told CNBC’s Hadley Gamble on Wednesday, after a panel on the Russian Energy Week.

Countries going through US sanctions, like Russia, “Have no other choice, we are simply forced to switch to settlements in other currencies,” he added. Gamble had requested about the potential for utilizing cryptocurrencies equivalent to Bitcoin to promote oil and fuel, one thing Putin welcomed in precept however stated it was “Too early,” citing crypto’s volatility.

Russia is glad to make use of {dollars} in power commerce – for now – and has now plans to ditch the US greenback fully, Putin famous, however “If the policy of the American authorities continues… then we will not have to do anything, the US will itself undermine confidence in the dollar.”

Also on rt.com Price of crude oil could ‘quite possibly’ rise to $ 100 per barrel, despite efforts of Russia & OPEC to stabilize market – Putin

Even US allies had been lowering their greenback holdings and reliance on US foreign money in mutual commerce, the Russian chief identified. Not simply because the greenback has been weaponized for sanctions, but in addition as a result of Washington is devaluing the foreign money at residence, by printing cash and elevating the nationwide debt.

“For the first time, probably in history, inflation in the United States is growing at a rate that has not happened for a long time,” Putin advised CNBC. “Everyone is now asking the question: what next? What will the US economic authorities do with this colossal debt? What will they do, carry out some manipulations with the dollar, lower its value? “

It can be said that the US is “Sawing off the branch on which it’s sitting,” Putin said, “By undermining the dollar’s dominance as the global reserve currency for the sake of short-term political gain at home, but harming their strategic economic interests” in the long run.

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