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'Dollar Bubble' Will Burst Leading to Economic Chaos: Russia's Security Council Deputy Chairman
'Dollar Bubble' Will Burst Leading to Economic Chaos: Russia's Security Council Deputy Chairman
Sputnik Africa
Earlier, the Russian president criticized the US for using the dollar as a foreign policy tool, calling it a strategic mistake that undermines US power. He... 02.11.2024, Sputnik Africa
2024-11-02T13:29+0100
2024-11-02T13:29+0100
2024-11-02T14:55+0100
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Sooner or later, the "dollar bubble" will burst and bring chaos to the economies of countries, Deputy Chairman of the Russian Security Council Dmitry Medvedev said.According to him, the bursting of this "bubble" will lead to chaos in the global economy and will affect Russia as well.In his view, "no one is interested in seeing the dollar collapse."The dominance of the US dollar as the leading global reserve currency is a topic that BRICS should bring to the table for discussion, Medvedev noted. Speaking of the group, he assessed that the BRICS Summit in Kazan is a major success for Russia and President Putin.As BRICS strongly advocates for multipolarity, Medvedev underscored that the Western rules-based world order will soon collapse.He added that he has specifically studied legal documents to understand what this order is.Medvedev clarified that this is not a written document, not an international convention; it's simply an order that "they consider right."Moving on to the topic of the conflict in Ukraine, Medvedev suggested that the next Ukrainian government would likely void orders made by Volodymyr Zelensky and refuse to enforce those already in place, arguing that Zelensky had long lost his right to govern.The former Russian president added that the first thing any new Ukrainian government would do after coming to power would be to persecute the previous one.Moreover, Medvedev believes that the current Ukrainian authorities are focused on lining their pockets, as large sums are flowing into the state budget without adequate oversight.However, Medvedev added, the West will continue to provide financial support to Kiev. According to him, the West supplies Ukraine with additional funds to prolong the conflict to weaken Russia.Furthermore, America is in clover due to the Ukrainian crisis, as the US profits from it and "fuels the war," noted the Deputy Chairman of the Russian Security Council.He added that Americans are constantly trying to control situations by creating crises worldwide.Medvedev also emphasized that the US is not waging a proxy war but a real war against Russia.He pointed out that Russia's current adversaries claim they have the right to supply any weapons to Ukraine, send advisors to guide combat operations, and provide coordinates of Russian targets for Western specialists to carry out missile strikes.However, he noted, US leadership is mistaken in thinking that Russian authorities will never cross a certain line regarding the use of nuclear weapons.In the interview with RT, Medvedev stated that "no deep state will be preserved if life on the planet becomes unlivable."Returning to the topic of sanctions, the former Russian president noted that Western anti-Russian sanctions have backfired on the West itself.He added that Russia's economy continues to grow, and the sanctions have returned like a boomerang to Europe, demonstrating its weakness as an economic entity.At the same time, rebuilding relationships between the people of Russia and Western countries will take a long time, he said.He drew an analogy with the post-World War II attitude toward Germany: in the USSR, Germans were hated "for obvious reasons," viewed as invaders who brought sorrow and destruction to Soviet territory. Medvedev emphasized that it took decades for Russia and Germany to return to a trajectory of good relations.
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'Dollar Bubble' Will Burst Leading to Economic Chaos: Russia's Security Council Deputy Chairman
13:29 02.11.2024 (Updated: 14:55 02.11.2024) Christina Glazkova
Writer / Editor
Earlier, the Russian president criticized the US for using the dollar as a foreign policy tool, calling it a strategic mistake that undermines US power. He noted that while the dollar is key to US influence, actions like imposing transaction restrictions and freezing assets have prompted countries, including allies, to reduce their dollar reserves.
Sooner or later, the "dollar bubble" will burst and bring chaos to the economies of countries, Deputy Chairman of the Russian Security Council Dmitry Medvedev said.
"The world cannot exist on a single dominant reserve currency, especially since the issuance of this currency is essentially carried out through credit that all countries extend to the US economy. Sooner or later, this 'bubble' will burst," said Medvedev, an ex-president of Russia, in an interview with RT.
According to him, the bursting of this "bubble" will lead to chaos in the global economy and will affect Russia as well.
"It will be such a 'bang,' such a terrible burst that, I’ll say frankly, it could create very serious consequences for everyone," Medvedev said.
In his view, "no one is interested in seeing the dollar collapse."
"Not even we are interested because it would bring chaos to international economic relations," explained the deputy chairman of the security council.
The dominance of the US dollar as the leading global reserve currency is a topic that BRICS should bring to the table for discussion, Medvedev noted. Speaking of the group, he assessed that the BRICS Summit in Kazan is a major success for Russia and
President Putin."The idea of groups [like BRICS] is very promising... A multipolar world is much more stable than a unipolar one. … It involves connecting different poles. ... We are witnessing the creation of a new world order. The Kazan forum is a significant success for both the Russian Federation and President Putin, as for the first time, so many leading countries representing a large portion of the planet gathered to discuss issues they consider relevant," he said.
As BRICS strongly advocates for multipolarity, Medvedev underscored that the Western rules-based world order will soon collapse.
"I have always wondered. The Americans and their satellites keep saying - you are violating the rules-based order," said Dmitry Medvedev in an interview with RT. "But it's unclear what kind of order this is, and who approved it. In reality, it's simply the understanding of the United States and its allies, primarily through NATO, on how to conduct affairs in the world to their benefit."
He added that he has specifically studied legal documents to understand what this order is.
Medvedev clarified that this is not a written document, not an international convention; it's simply an order that "they consider right."
"Naturally, this is a very unstable structure. It will inevitably collapse sooner or later. And those who were inside this order will suffer the most," the deputy chairman concluded.
Moving on to the topic of the conflict in Ukraine, Medvedev suggested that the next Ukrainian government would likely void orders made by
Volodymyr Zelensky and refuse to enforce those already in place, arguing that Zelensky had long lost his right to govern.
"Any new government, any new Maidan ... it will simply say: everything that was signed by this man, who walks around in a dirty green T-shirt, is illegal. He has lost his legitimacy. His laws are invalid; we will not enforce them. Everything that was spent, was spent against the people's will. A huge amount of money was stolen, so we will put them on trial," Medvedev told Russian broadcaster RT.
The former Russian president added that the first thing any new Ukrainian government would do after coming to power would be to persecute the previous one.
Moreover, Medvedev believes that the current Ukrainian authorities are focused on lining their pockets, as large sums are flowing into the state budget without adequate oversight.
"A vast amount of this money is simply being embezzled. During wartime, there is no control, especially in a state like Ukraine. This is absolutely obvious. The control is very indirect. Nevertheless, the West goes along with it," he said.
However, Medvedev added, the West will continue to provide financial support to Kiev. According to him, the West supplies Ukraine with additional funds to prolong the conflict to weaken Russia.
"That's why they will keep providing this money. As to the extent, we'll see," Medvedev said.
Furthermore, America is in clover due to the Ukrainian crisis, as the US profits from it and "fuels the war," noted the Deputy Chairman of the Russian Security Council.
"The more crises they manage, they believe, the better the situation for America. They created a crisis with these sanctions, and what happens? It's very simple – Americans make money. America is always in clover... Americans engage in fueling the war," he said.
He added that Americans are constantly trying to control situations by creating
crises worldwide.
Medvedev also emphasized that the US is not waging a proxy war but a real war against Russia.
He pointed out that Russia's current adversaries claim they have the right to supply any
weapons to Ukraine, send advisors to guide combat operations, and provide coordinates of Russian targets for Western specialists to carry out missile strikes.
"This is, in essence, an admission that a war is being waged against Russia," Medvedev emphasized.
However, he noted, US leadership is mistaken in thinking that Russian authorities will never cross a certain line regarding the use of nuclear weapons.
In the interview with RT, Medvedev stated that "no deep state will be preserved if life on the planet becomes unlivable."
"What, will they just sit in bunkers watching nuclear fallout?" he said. "Their mistake lies elsewhere. The mistake is that they, being not very enlightened people, somehow believe that Russians will never cross a certain line. They are mistaken. If it comes to the existence of our state, something repeatedly stated by our president, myself, and others, naturally, we will have no choice."
Returning to the topic of sanctions, the former Russian president noted that Western anti-Russian sanctions have backfired on the West itself.
"The question is that the leaders of Western countries, the United States, and European nations have a completely distorted view of Russia's economy. I clearly remember [former US President] Barack Obama, with whom I worked a lot after the first sanctions were imposed back in 2014, saying, 'Russia's economy is in tatters.' It was just an ideological statement, a provocation. Russia's economy continued to grow," Medvedev said.
He added that Russia's economy
continues to grow, and the sanctions have returned like a boomerang to Europe, demonstrating its weakness as an economic entity.
At the same time, rebuilding relationships between the people of Russia and Western countries will take a long time, he said.
He drew an analogy with the post-World War II attitude toward
Germany: in the USSR, Germans were hated "for obvious reasons," viewed as invaders who brought sorrow and destruction to Soviet territory. Medvedev emphasized that it took decades for Russia and Germany to return to a trajectory of good relations.
"Time heals all, and all wars end, but relationships – relationships between peoples, unfortunately, suffer greatly afterward... It's important to understand that such attitudes toward Americans, the British, and continental Europe, despite all our closeness, despite our shared Christian civilization, and our mutual history, will linger for a long time," Medvedev concluded.
