Vyacheslav Volodin named five reasons for de-dollarization in the world

Vyacheslav Volodin Volodin
Vyacheslav Victorovich The Chairman of the State Duma of the Federal Assembly of the Russian Federation of the eighth convocation. Elected in single mandate constituency № 163 (Saratov constituency - Saratov Oblast) noted the fact that, first of all, the dollar was not backed by real goods and resources. “After the USA withdrew from the Bretton Woods Agreement, the dollar was no longer converted into gold. There are no limits for the US money machine. And there we see the huge US national debt and Biden's record inflation,” he stressed.

The second reason is that the USD is used as a tool of political struggle. “Illegal sanctions, such as payments restrictions, theft of gold and foreign currency reserves — all those things do not add confidence to the current situation, as other states are not sure if their money is in the safe place,” added the Chairman of the State Duma.

The third reason for the USD loss of its positions, according to Vyacheslav Volodin, is geopolitical changes. He recalled that the unipolar world order had become obsolete: “There is a demand for multipolarity in the world. As a result, there should be alternatives to USD. And we see that the number of countries making payments in national currencies is increasing.”

The fourth reason is Washington's unwillingness to admit its own mistakes and work on them, and, finally, the fifth reason is the cyclical nature of history.

“There is a pattern that each world currency has its own period about 100 years. The Portuguese real was replaced by the Spanish real. Then the Dutch guilder, the French franc, the British pound and the US dollar alternately dominated. Then we will also see that the current dominating currency will be replaced by a new one. We can say that most likely that will not be the euro (which is falling more and more), but the currencies of states with sovereign economies,” emphasized the Chairman of the State Duma.

“How soon it will be is an open question, but it is obvious that the process of de-dollarization in the world has started and cannot be stopped,” concluded Vyacheslav Volodin.