‘De-dollarization’: Russia leaving the international banking system for gold
Leaving the US Dollar
Power comes in the form of Dollars. However, many countries feel they lack freedom in the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system. Russia is one of those countries; that is why, its president has proposed to leave the system and opts for a more traditional gold-based one.
Russia isn’t alone in this
Many nations are planning their exit from the international banking system. Some names are Brazil, India, China, and South Africa.
What is the main reason? All these nations have declared that their goals is to look for more financial independence.
The consequences according to experts
The world's leaders have been informed about the consequences if Russia leaves the SWIFT system. Economists have differing views.
Ewald Nowotny, an economist and a policy maker for the European Central Bank, highlighted how the companies conducting business in Russia will be the first to suffer.
On the other hand, according to Elvira Nabiullina, a Russian economist, former economic advisor to President Putin and the head of the Central Bank of Russia, Russia’s banks won’t collapse if the country is removed from the Worldwide Interbank Financial Telecommunications system.
Safety is in gold
According to anonews.co, “the Federal Reserve and other international financial institutions that trade in non-physical currencies, futures and all other riskier practices, are now buying large quantities of physical gold.”
The world's powers are creating their own gold reserves.
In Global InterGold, you can do that too.
Because safety comes first: