Moscow, July 26. /TASS/. The US greenback keeps losing its global position, the process of de-dollarization has already started and there is no way to stop it, State Duma Speaker Vyacheslav Volodin wrote on his Telegram channel on Tuesday.
"How fast - well, the question remains open, but it is obvious that the process of de-dollarization has started in the world and it can’t be stopped," Volodin pointed out. He listed five reasons why the American currency has weakened.
In particular, as Volodin stressed, the US dollar is not backed by any real goods and resources. "After the US withdrew from the Bretton Woods Agreement, the dollar stopped being tied to the value of gold. The US printing press is no longer constrained by anything, that is where the huge US national debt and record Biden inflation come in," Volodin emphasized. Besides, the US currency is often used as "a tool for political battles". "Illegal sanctions, restrictions on payments, theft of foreign reserves - all of this does not give other countries confidence that their money will be safe", the Duma speaker pointed out.
Another reason for the weakening of the dollar is geopolitical change. In particular, Volodin stressed, the unipolar model is outdated. "There is a demand for multipolarity in the world. As a result, for alternatives to the dollar. Growing mutual settlements in national currencies prove it," Volodin said. He also added that the dollar’s weakening is the result of Washington’s unwillingness "to admit their own mistakes and work on them."
The fifth reason, according to Volodin, is the cyclical nature of history. "There is a certain pattern: each currency lives for about a hundred of years. The Portuguese real was replaced by the Spanish real. Then followed the Dutch guilder, the French franc, the English pound and the American dollar. The latter will soon be replaced by something else," Volodin remarked. In his opinion, the euro is unlikely to replace the US dollar as it "keeps losing", so the currencies of countries with sovereign economies are more likely to take over.