Russian President Vladimir Putin has stated that the U.S. dollar-based global financial system is gradually collapsing. “After all, a currency is a derivative of the power of the economy of the country that issues this currency,” Putin noted, emphasizing: “The share of the American economy in world GDP is declining.” In contrast, the Russian president highlighted the increasing share of BRICS countries in terms of purchasing power parity compared to the G7 countries. Putin on U.S. Dollar-Based Financial System Collapsing Russian President Vladimir Putin conveyed at the plenary session of the 20th-anniversary meeting of the Valdai Discussion Club on Thursday that the global financial system based on the U.S. dollar is gradually collapsing. “The Bretton Woods system is outdated,” Putin said (translated by Google), noting that he is not the only one with this view, as Western experts also share this perspective. The Russian president added: This Bretton Woods system was created on ...
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