SPIEF headers: Putin discusses US economy, multipolarity, Ukraine war
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Russian President Vladimir Putin explains how the US monopoly in the global financial market is disintegrating and paving the way for a multipolar world and affirms Russia's victory in war with Ukraine.
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Russian President Vladimir Putin attends a plenary session of the St. Petersburg International Economic Forum in St. Petersburg, Russia, on Friday, June 7, 2024 (AP)
Russian President Vladimir Putin discussed several points, ranging from the disintegrating reliance on the US dollar, the United States' neocolonial behavior due to the monopoly of the global financial system, and the current war with Ukraine, at the plenary session of the St. Petersburg International Economic Forum (SPIEF), which is hosted by Russia from June 5-8.
On the shrinking US economy
Putin made remarks on the state of the global financial market, saying the only guarantee in present times is trust in the US economy, with the United States making "serious" money on it.
He gave an example of the Jamaican system, asking "What is the basis of the Jamaican system still in place today? Trust in the US economy. Look at what is happening today, in the realities of no other collateral than trust in the US economy in today's world financial system."
Discussing the United States' position, the Russian president stressed that the US was exploiting the fact that it is a monopoly in the global financial system, saying that it was making "serious money from this exploitation."
However, he pointed out how despite the drastic profits the US is generating, it still owed the global market $54.3 trillion "that is not backed by anything".
US colonialism generates a multipolar world
Putin added that the US was "breaking its own tool of greatness", amid few left, referring to the US dollar.
He explained that the US actively blows other countries away from the dollar until they decide not to rely on it anymore.
Putin then draws comparisons between the US and Russia, saying his nation has "never behaved like colonialists or neocolonialists [referring to the US]."
He said the US' current account trade deficit is a trillion dollars per year, which is tantamount to "neocolonialism in its modern edition."
"Using the monopoly position of the dollar, the United States consumes a trillion dollars a year more than it produces, taking … these resources from other countries," he further stated, affirming that the US economy was shrinking in a way that harms countries that hold its currency, but also paves the way for a multipolar world.
He further affirmed that Russia is not in a position to be colonialist because its position in the global financial system and its currency were not monopolistic.
Zelensky 'usurping power'
The Russian President then discussed the war against Ukraine and explained that Ukrainian President Volodymyr Zelensky was "usurping" the power in the country.
According to Putin, a Ukrainian law exists that is built on the essence of martial law, a legal framework that grants temporary extraordinary powers to the government and military during times of war, conflict, or national emergency, but that claims that elections are not held as per the martial law, yet are not prolonged. He said that "if they are not mentioned, then they do not exist".
He then noted that "There are relevant articles in the criminal code that speak of usurpation of power," which he says they [Russia] might be dealing with.
As a result, he says the Ukrainian executive branch has lost credibility and legitimacy.
'Russia will achieve victory'
Putin affirmed that the war would end with Russia victorious, as the Russian Armed Forces witnessed drastic enlistments without any public mobilization.
According to Putin, over 300,000 men registered with the armed forces last year, although the country does not require nor seek military mobilization, as opposed to Ukraine.
Russia reserves its right to export weapons to other countries
Moreover, Putin said his country reserved the right to supply countries under military pressure with arms.
He clarified that Russia was not exporting arms to any country yet, but reserved the right to if said countries were to experience any military pressure from others that were supplying Ukraine with weapons and urging it to utilize them against Russian territories.
"If they are supplying the war zone and calling for these weapons to be used on our territory, then why don't we have the right to do the same," he said.
Putin emphasized that the country will not start supplying long-range weapons abroad "tomorrow."
