Putin Says US Dollar Dominance Diminishing as Use of 'Toxic Currencies' Declines

[sirty143]

Putin Says US Dollar Dominance Diminishing as Use of 'Toxic Currencies' Declines

Russian President Vladimir Putin claims U.S. economic policies are diminishing the dollar’s global dominance. “Last year the share of payments for Russian exports in the unfriendly states’ so-called toxic currencies was halved,” he revealed... See more for yourself here.

Your opinion is greatly appreciated.

[TomPluz]

Putin is reading the writing on the wall for the American economy and the decreasing influence of the USD in the global scene. There is no empire that will stay on the top as there will come a time when the throne will be replaced by another leader...sadly when we look at the scene right now the alternative to American leadership all I am seeing is danger and a gloomy future for the global economy. China and Russia are not known to be good in people-centered political leadership and if these two will be filling up the vacuum to be vacated by USA all I can see is dread for all of us. These countries are bullies and will not stop until their interests are not served on their feet. Right now, we are experiencing a weak USA and so we are witnessing more chaos and conflicts erupting everywhere.

[Captain Corporate]

If he is making this claim based on only his own nation, then he could very well be right, Russia may prefer to not get paid in dollars as much as they used to, after all USA is supporting Ukraine with billions and billions of dollars worth of help against Russia, so not wanting any dollars could be smart. To be fair it could be moronic too, because if he gets ton of dollars, he would keep USA at debt, and ask for it or devalue it, China is doing that. But at the end of the day globally its not that weak, Russia might be, but the world is still using dollar more than any other currency, and that's good enough.

[yhiaali3]

Putin said a very important sentence here:

“Today’s U.S. authorities are breaking their ‘tools of greatness.’ The dollar is one of the few instruments of today’s greatness of the United States. They are pushing the global economic agents away from the dollar with their own hands. It will happen anyway due to the shrinking of the U.S. economy, but they are accelerating this process,” Putin said, according to the translation provided by the Kremlin. “Naturally, new instruments are emerging, such as financial instruments of the central banks, which we discuss within BRICS.”

I agree with Putin in what he said here. Yes, the United States, as a result of the policy it is following, is breaking with its own hands the “tools of greatness” as Putin called them. They are sowing war and hatred everywhere, so it is natural that a day will come when they will reap what they sowed with their own hands.

The United States, in its attempt to control the world and demonstrate its power, has made itself hated by many countries, led by Russia and China, as well as the BRICS countries, and even the Gulf countries, which the United States considers its cash cow, have become exhausted and upset by the policies of the United States.

[famososMuertos]

We cannot generalize ideas or opinions, the dollar may lose influence, even leave a few "cents" with different Fiat pairs, but it does not lose dominance, it is ridiculous to generalize that.

On the other hand, the reference of whoever says it is undoubtedly more than obvious to be against, if there is a movement against that hegemonic dominance that the dollar has, but to mean that it decreases, in the very adjective of that word is like meaning, "I'm afraid," is not meSPAM BANble.

That is to say, we cannot move at the level of sensations, and even less from Russia.

[Z-tight]

I have heard this a lot times from people who don't like the U.S, if it is true is another thing. The U.S and many parts of Europe have sanctions placed against Russia for reasons we all know, so if they want to accept their own currency for some of their exports, then it is understandable. However, that is just Russia and it does not represent all of the world, the U.S dollar still maintains its dominance and status as the world's reserve currency and i don't think it is changing anytime soon.

[hugeblack]

Yes, the United States, as a result of the policy it is following, is breaking with its own hands the “tools of greatness” as Putin called them. They are sowing war and hatred everywhere, so it is natural that a day will come when they will reap what they sowed with their own hands.

Politically, yes, many countries in the world have become hesitant to support the policies of the United States, but economically, the dollar is still the primary controller and is important in the financial markets, and even attempts to replace it with the euro or the yuan have failed.


Also, the yuan, due to the nature of China, will not be an ideal alternative, so many banks have resorted to trying to diversify their economy away from the dollar by buying gold and concluding exchange deals, but the road is still long and we need years before we see a real impact on the dollar.

[yhiaali3]

Politically, yes, many countries in the world have become hesitant to support the policies of the United States, but economically, the dollar is still the primary controller and is important in the financial markets, and even attempts to replace it with the euro or the yuan have failed.


Also, the yuan, due to the nature of China, will not be an ideal alternative, so many banks have resorted to trying to diversify their economy away from the dollar by buying gold and concluding exchange deals, but the road is still long and we need years before we see a real impact on the dollar.

Yes, I agree with your opinion that the alternative does not exist or is not yet ready. Although many countries have come to wish for the dollar’s ​​dominance to disappear, they have not yet dispensed with it because it is the strongest and most stable currency in the world so far.

Other countries that could be alternatives, such as Russia and China, are not yet ready economically to replace the United States, in addition to being hated by many countries in the world that do not want these countries to replace the United States.

[Baofeng]

Putin might be right, but still though, I think US Dollar is still dominating the world economic market although it could have been diminishing in years. And it's hard to not accept or used it, like the World Banks who makes loan to other countries and gauge everyone on how big they own it to them in billions of dollars.

So it's really hard maybe in the next 10 years not to see USD as the base currency around the world. Of course, many big countries are challenging it, specially those who have something to settle with US like Russia and China and Brics. But they really need to be strong in strong to take that dominance, otherwise, they still still have to follow and used it as word currency.

[Faisal2202]

Putin is right, don't know how US citizens will react to this news or what would be their views toward this act. But I am pretty sure half of them would agree with Putin as well. The USA is really trying hard to maintain its power and to be superior while taking advantage of the developing countries. Putin says it is become a neocolonialism, I say it has already been it for a long time.

I mean, they invaded Iraq just because Saddam didn't want the Oil deal to be made in US Dollars and they invaded Iraq with other accuses but the result of the war was, that he was dead, and the oil deal was back in US dollars. CMIIW. This is not new, I can name many acts where they tried brutal ways to maintain their power which in my opinion is not a formal way. BRICS is the most formal alternative to this neocolonialism the USA has made.

[pakhitheboss]

After so many sanctions the President of Russia is still able to run his country without much economic difficulties. This is because he has been trading in Yuan. Recently Saudi Arabia declared that they will not use USD for sale of oil. Most countries are joining the BRICS because they will be launching thier own trading currency. So, yeah the world is slowly ditching USD.

[Stompix]

Putin says it is become a neocolonialism, I say it has already been it for a long time.

Oh, the guy who annexed territories of 3 independent counties talks about neocolonialism? 

I mean, they invaded Iraq just because Saddam didn't want the Oil deal to be made in US Dollars

Yeah right...
Have you asked the Kurdish people in Iraq what they think of Saddam who slaughtered millions of them?
Or the ones form Kuwait, did he invade Kuwait because of the us dollar also? 
Before hating the US, think of the other side, I'm pretty sure you will say that the US was wrong in dropping two nuclear bombs on Japan, go ask 1.4 billion Chinese what they think about that and they will all cheer for another two, just causally mention Nanjing!

BRICS is the most formal alternative to this neocolonialism the USA has made.

Interesting, do you know what all those countries have in common?
Occupation of territories claimed by other countries after their annexation by the former

Politically, yes, many countries in the world have become hesitant to support the policies of the United States,

Yeah let's mention a few:
Philippines asking the US for help against China:
https://www.manilatimes.net/2024/06/03/business/financial-times/philippines-urges-us-and-allies-to-boost-inward-investment-to-counter-china/1949687
Vietnam allowed a US carrier to sail in its ports, first since the war:
https://www.voanews.com/a/us-aircraft-carrier-arrives-in-vietnam-/7151970.html
Indonesia slapping a 200% tax on Chinese imports:
https://www.scmp.com/news/china/diplomacy/article/3268878/china-risk-wider-decoupling-after-us-eu-asean-trade-partners-balk-imports-flood
Oh, India?
https://www.thehindu.com/news/national/india-standing-up-to-a-bully-in-a-very-determined-fashion-defence-secretary-on-china/article67871499.ece

“India is giving a face-off to our (northern) neighbour in almost all the fronts we have with them. Wherever there is a mountain pass, we are stationed there to face the eventuality. Wherever there is a road, we have to be ready there. So that way we are there, we are standing against a bully in a very determined fashion. And we expect that our friend, the U.S., will be there with us in case we need their support,” Mr. Aramane said.

So, which side is losing friends and which one is gaining cause it's a bit different it seems!

[Z-tight]

So, yeah the world is slowly ditching USD.

The world? I do not agree, the world is far from ditching the U.S dollar. I hear all the talk about de-dollarization, especially amongst the brics nations, and sometimes i have a feeling it comes from a place of envy and hatred for the U.S dollar. If the U.S. dollar is going to cease being the world's reserve currency, it is not happening anytime soon.

[Stompix]

So, yeah the world is slowly ditching USD.

The world? I do not agree, the world is far from ditching the U.S dollar. I hear all the talk about de-dollarization, especially amongst the brics nations, and sometimes i have a feeling it comes from a place of envy and hatred for the U.S dollar.

Ask every single one of those who preach for the death of the USD how much USDT they have in their crypto wallets of how much they use USD stable coins and how much they use rupees or rubles!!!!
It's like in the 80's in the USSR, at TV you heard only about the death of the US and capitalism and once you go out in order to buy anything from the few guys that offered imported stuff you needed either dollars or German marks.

Death of the dollar while everybody is glued to the USDT/BTC chart!

[Z-tight]

Ask every single one of those who preach for the death of the USD how much USDT they have in their crypto wallets of how much they use USD stable coins and how much they use rupees or rubles!!!!

It is rather ironic, some of them probably do not even know that when they store or use usdt, they are 'indirectly' using the U.S dollar through a stablecoin. I have been hearing about the death of the U.S dollar for a long time, but nothing of such is happening, and right now i understand that it is more of a wish than what is realistic.