The Russian Foreign Ministry called the dollar “a piece of paper on trust”

Photo: © REUTERS/Ammar Awad

Photo: © REUTERS/Ammar Awad

The American dollar is nothing more than “a piece of paper on trust”, and it may soon be demonopolized as the main means of investment and international settlements. This statement was made by the director of the foreign policy planning department of the Russian Foreign Ministry Alexei Drobinin.

“Confidence in the US dollar turned out to be undermined, which helps to accelerate the process of its demonopolization as the main means of international settlements, savings, investments. Let’s be frank: the dollar is nothing more than a “paper on trust”, and the US government will never pay off the galloping public debt of this country , which recently exceeded $31 trillion”– he said in an interview with the journal “Problems of National Strategy” RISS.

Drobinin also spoke about the crisis of the Western model of globalization. According to him, it is due to the fact that the United States and its allies went on about political considerations, pushing aside economic ones. To remedy the situation, they began to use economic and financial instruments as weapons. Moreover, we are talking not only about continuous sanctions and manipulation of the currency and stock markets, but also about interference in the affairs of other countries.

“Europe was struck by economic problems exacerbated by anti-Russian sanctions. Judge for yourself: inflation in the EU in 2022 exceeded 11%, and the share of the dollar in the world’s gold and foreign exchange reserves over the past 20 years has decreased from 71% to 59% and continues to fall”– said the employee of the Russian Foreign Ministry.

Meanwhile, the US is rapidly approaching a banking crisis. Three large banks have already closed in the country: Silvergate, Silicon Valley Bank and Signature Bank. The bankruptcy of the second, by the way, was the largest since the 2008 crisis.

Source: Ren

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