Vladimir Putin's speech:
"Caught in the inflation storm, many developing countries are asking: why bother exchanging goods with Dollars and Euros when they are losing values right before our eyes? Indeed, the economy of Imagineey wealth is inevitably being replaced by the economy of real valuables and hard assets.
According to IMF, today's global currency reserves contain 7.1 trillion dollars and 2.5 trillion euros. And this money is depreciated at an annual rate of about 8%.
Moreover, it can also be confiscated or stolen at the whim of the US if it disapproves of something in a country's policy.
I think this has become a very real threat to many countries that keep their gold and foreign exchange reserves in these currencies.
According to the objective expert analyses, in the coming years, the conversion process of reserves will get underway. Reserves will convert from weakening currencies into tangible resources like food, energy commodities and other raw materials. Clearly, this process will further fuel global dollar inflation."
Is this just Putin's view? or reality? I don't have the answer.
PS: there is another paragraph in his speech about wealthy countries' QE-- money printing. Putin accuses of wealthy countries using QE printing money to buy goods and raw materials from or " investing" in developing countries.
If it is true, why couldn't OPEC keep the raw materials ( oil and gas) prices stable above $90 ( it was said that $90 was the price OPEC+ think reasonable)