Russian President Vladimir Putin criticized the United States for its abandonment of the gold standard, remarking in a Sputnik-released video that the U.S. dollar is now a trust-based currency without tangible backing, a decision underscored by the absence of gold equivalence. This critique arrives during efforts by BRICS countries to diminish reliance on the U.S. dollar, seeking to establish an alternative payment platform to enhance trade and financial independence from the dollar, as highlighted during the Johannesburg summit in 2023. While commodities like gold and cryptocurrencies are considered as alternatives, the entrenched role of the dollar in the global financial system challenges de-dollarization endeavors, though the rise of a multipolar world order suggests a shifting dynamic in global economic dominance.
Putin Criticizes U.S. Dollar's Lack of Gold Backing, Calls for Alternative Payment Systems
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