Lack of control over dollar issuance hurts global economy - Putin
SOCHI. Sept 18 (Interfax) - The problems stemming from the existence of a unified global currency, the dollar, can only be resolved by either coming to an agreement on general rules of conduct or by creating several global reserve currencies, Prime Minister Vladimir Putin said.
"Perhaps, it seems to me, there is only one solution, if there is an overall agreement on the general rules of conduct. Or there are several global reserve currencies. In my view, nothing terrible will happen for the U.S. economy because in the end the U.S. itself will only benefit from this," Putin said at an investment forum in Sochi.
"There is a fundamental contradiction between what the Federal Reserve does, the demands of the U.S. economy, and the demands of the global economy. The lack of coordination between the money supply in the U.S. and in the global economy is a factor that it is not understood how to eliminate," Putin said.
The problem is that no one has any control of the activities of the dollar-issuance center in Washington, which prints money for the entire world, he said.