(Natural News) Russian President Vladimir Putin is predicting that the world will move away from the U.S.-dominated financial system after Washington, along with Western governments, seized his country’s currency assets as part of their sanctions for invading Ukraine.
In a video posted to social media, Putin blasted the “theft” of Moscow’s resources and mocked the notion that first-world currency reserve holders are “reliable.”
“Let me reiterate, the whole global economy and trade have suffered a major blow, as did the trust in the U.S. dollar as the main reserve currency” of the world, the Russian leader says in a translated clip.
“The illegitimate freezing of some of the currency reserves of the Bank of Russia marks the end of the reliability of so-called first-class assets,” he added. “In fact, the U.S. and EU have defaulted on their obligations to Russia. Now everybody knows that financial reserves can simply be stolen.”
He added: “And many countries in the immediate future may begin — I am sure this is what will happen — to convert their paper and digital assets into raw reserves of raw materials” such as “land, food, gold, and other real assets.”
As a side note, I think that is the first time I have actually heard Putin speak without a translator drowning him out.
To a certain extent he is not wrong. Part of the role of being a reserve currency, like the USD, is it’s reliability and stability. By weaponizing (your) currency, turning off access to it as punishment for wrong thinking or actions, you cause other people to question its reliability and the wisdom of being beholden to it.
It’s similar to what happened, or is happening, in Canada when their Soy Boy leader weaponized the banks and denied people access to their money. People in response withdrew their funds from the Canadian banks and placed it in foreign accounts. Obviously this comes with a degree of hassle, but it is far better than trusting a govt. that has demonstrated it can’t be trusted.
Maybe this means an actual audit of the United Stats gold reserves will take place. First one since 1950 I believe. I wonder if they (Read: the Federal Government) have been lying to us about that too. Should be interesting to see what lies in Ft Knox..
I read something, not that long ago, about Germany asking for their gold back that was supposedly stored in Ft. Knox. They were told they had to wait, and then what they got back was not the original gold they had deposited. They also only got part of it back. I forget what the article said was used as leverage over them to make them stop asking and go away.
Same with Bank of England…. the US government refused.
Good luck with that, even then, PRESIDENT REAGAN was unable to access and actually confirm the existence of gold at the Fort.
Russia and China have prepared for this for years, buying gold to back their currencies. When the door is opened on Ft. Knox, and there’s nothing but cobwebs, poof goes the dollar.
…..and that’s why the troops at Knox are issued rifles, but no ammunition…. nothing to protect. many former guards and workers have stated as much on various occasion on numerous TV shows, and news reports over the years.
It appears that Putin has been severely underestimated in many ways. He is obviously highly intelligent. Biden’s puppet masters are certainly no match.
I’m for gold reserve backed money. I believe in property rights too. These have gone away or per Biden are going away so I can be happy. Putin unfortunately wins on this item and the blown away biolabs.