Russian Foreign Intel Chief: The U.S. Dollar Is “Becoming Toxic,” Search For Alternatives

by | Jun 19, 2019 | Commodities, Headline News, Precious Metals | 14 comments

Countries have been moving away from the dollar for years now, with Russia seemingly leading the way. Russia’s foreign intel chief has said the United States “dollar becoming toxic”, as more nations start searching for an alternative currency.

The U.S. dollar is an anachronism of the modern world economy, according to the director of the Russian Foreign Intelligence Service, Sergey Naryshkin. While speaking at an international meeting of security representatives, he said: “It seems abnormal that the United States, behaving so aggressively and unpredictably, continues to be the holder of the main reserve currency.”

Russia has been dumping the U.S. dollar in record numbers while simultaneously stockpiling gold. According to a report by RT, the head of the Russian intelligence service said that the use of the dollar presents risks and more nations are looking into finding alternative tools for doing business. “Due to the objective strengthening of multipolarity, the monopoly position of the dollar in international economic relations becomes anachronistic. Gradually, the dollar is becoming toxic,” said Naryshkin.

And it is not just Russia that has decided to move far away from the dollar. Countries around the globe such as  China, India, and several others, have been working to diversify their foreign reserves away from the greenback. Russia is leading the way, however, taking concrete steps to eliminate the dollar from its economy.

The Russian central bank’s First Deputy Governor Dmitry Tulin said that Moscow sees the acquisition of gold as a 100-percent guarantee from legal and political risks.”  The increases in gold purchases by the Russian government come as the Trump administration plans to impose new sanctions on Moscow.

Russian bullion holdings are now quickly approaching the Soviet peak of 2,800 tons, which were seen in 1941, according to a report by RT.  The gold stockpile was valued at $77.4 billion at the end of last month, according to the Russian central bank’s website. At current prices, the reserves are worth around $83.6 billion. Over the last decade, the country’s share of gold in reserves has soared tenfold. Russia has also continued reducing its holdings of US treasuries. It has lowered its holdings of US debt from $96.1 billion in March to just $14.9 billion in May. –SHTFPlan

Russia has no intention of obeying sanctions placed on them by the United States, and will simply do their business with more hospitable countries.

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    1. Alfred Barnes

      Right up to the point where there’s a geopolitical crisis, then it’s flight to the safety of the Federal Reserve Note. Something has to serve as a clearinghouse for petrol, narco, and human trafficking. What better source than the full faith and credit of the United States? The sooner it collapses the better, rather than waiting for something more sinister to take its place, like blockchain currency, where every transaction is tracked by the hive.

    2. Clown World

      1USD = 64RUB

      • durangokidd

        Exactly !!! LMFAO !!! More propaganda from the Globalists. What would expect him to say ???

        The truth is the dollar is as strong as ever and in high demand by investors and institutions. 80 % of ALL financial transactions in the world are conducted in the US Dollar. Toxic ??? I don’t think so.

        The Dollar is toxic for Russia. Russia buys all of its own gold production (like the US did under Roosevelt) at Russian prices to stimulate its economy (which is flat) and reduce unemployment.

        Has SHTFplan become the New American Pravda ??? Why so much anti-American sentiment ??? 🙁

    3. CAaT

      Russia has never been a source of reliable information. They are drunks.

    4. Seminole Wind

      Oh I believe everything a Russian/Communist says. After all they support Tyrants in Iran, Venezuela, Cuba, China, and their own country.

      Mac, I can’t believe you have the balls to print the BS of OUR ENEMIES!

    5. aljamo

      There must be a lot of fake US currency out there since lately when I use a hundred dollar bill the receiver of that bill holds it up to the light and eyes it suspiciously. The older bills and even the newer blue striped bills. The overall problem is the capitalist business model always depends on continuously rising profits, as in the population priced out of ability to exist.

      • NEC_Wrangler

        part of that is a matter of policy for retail places. if a cashier takes a fake and does not follow the process of checking, it gets deducted from their check in many places

    6. Justice

      Sanctions = Virtual Blockade = Economic War = War

      We have economic sanction against a lot of Countries. It stands to reason they would wage war against the US economically. Attacking its greatest weakness. The Petro-Dollar!

      These countries ARE forming an alliance to bypass the “Dollar”. Think about the implications. This is REAL. We have destroyed numerous countries that tries to bypass the Dollar.

      • Seminole Wind

        Justice, stop reading Zero Hedge, it’s nonsense

        • Kevin2

          Zero Hedge “nonsense” predicted the 2008 crash and the reasons behind it while the Chairman of the Federal Reserve said everything was fine.

          • Stuart

            Yep. ZH is pretty good in the “informed speculation” dept. – especially concerning Wall Street.

    7. NEC_Wrangler

      you lost me at “The Russians said…”

    8. RandomTangent1957

      While I have posted in the past that I trusted Putin more than Obama … that is like saying that I prefer stepping in cat shit as opposed to dog shit. It as all relative, really don’t like either …LOL . Who cares what the Russian propaganda folks say ?

    9. Doug Martens

      what’s that they say? arrogance before catastrophe? something like that anyway, and guess what? after years of provocation Putin is doing something to protect his people from the constant bullying. adding China to the mix is not going to strengthen the usa either. the us dollar is losing its world reserve currency statis as this is being written and if you think this means nothing, wait a year.

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