Russia’s Top MP Describes Dollar as Becoming “Toxic” : Analysis

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BRICS countries are increasing their efforts to move away from the US dollar due to its use as a political tool, State Duma Chairman Vyacheslav Volodin has stated. He criticized the US for imposing sanctions on Russia, undermining trust in the dollar as a global reserve currency. Despite the sanctions, the trend of using national currencies in trade instead of the dollar is growing, with BRICS nations seeking alternatives to avoid being influenced by US politics. Russia has seen a significant decrease in settlements in “unfriendly” currencies and a surge in transactions in rubles and national currencies. Volodin emphasized that over 90% of payments within the Eurasian Economic Union are in national currencies, and Russia-China trade is largely settled in rubles and yuan. He warned other countries about the risks of storing funds in US currency, suggesting that “dedollarization is inevitable” as the dollar has discredited itself as a reliable reserve currency.

Analysis:
The article highlights the BRICS countries’ efforts to reduce dependence on the US dollar due to its politicization and the imposition of sanctions. The statement by State Duma Chairman Vyacheslav Volodin suggests that these nations are increasingly using national currencies in trade. While the trend towards dedollarization is mentioned, the article lacks specific data or concrete examples to substantiate this claim. The information provided seems to be based on Volodin’s opinion rather than objective evidence.

The credibility of the source, in this case, the State Duma Chairman, may raise concerns about potential biases or political motivations behind the statements. The article does not offer a balanced view or other perspectives on the issue, which could limit the reader’s ability to form a comprehensive understanding of the topic. Additionally, the article does not provide a broader context, such as the historical trajectory of dedollarization efforts or the challenges associated with transitioning away from the dollar.

The article’s emphasis on the politicization of the US dollar and the risks of storage in US currency reflects a bias against the US as a global economic power. The language used in the article may contribute to a negative portrayal of the dollar as a reserve currency, potentially influencing readers’ perceptions of the US and its economic policies.

The prevalence of fake news and the polarized political landscape may further exacerbate the impact of such articles, as readers may be more inclined to believe information that aligns with their existing biases or opinions. Therefore, it is essential for readers to critically analyze the credibility of sources, the presentation of facts, and potential biases when consuming information related to global economic issues and geopolitical dynamics.

Source: RT news: Dollar becoming ‘toxic’ – Russia’s top MP

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