Putin claims G7 nations are the culprit for severe global inflation

Vladimir Putin, the president of Russia, has recently blamed the United States and other G7 nations for leaving the world with global inflation situations. He predicted that under these circumstances, the world would soon begin to shift its reserves away from sovereign debt into “real resources.”

During a long speech at the St. Petersburg International Economic Forum Plenary, Putin criticized the nations for causing severe global inflation. He started his speech by stating that the basic principles of the global economy have taken a blow. He added:

“Fundamental business notions such as business reputation, the inviolability of property, and trust in global currencies have been seriously damaged,” he said.

Putin believes sanctions are the real cause behind inflation

In doing so, he refers to the sanctions on Russia and the record-breaking inflation that will envelop Western money in 2022. The largest financial messaging system in the world, SWIFT, which is utilized by 11,000 institutions worldwide, expelled Russian banks in March after its attack on Ukraine. The action effectively cut off access to developed Western economies for Russian financial firms. This was done in retaliation for the nation’s invasion of Ukraine in February, along with import restrictions on Russian oil and gas.

According to Putin, such actions have proven to be a double-edged sword, affecting both the receivers and the implementers of the sanctions. For instance, the cost of living has recently increased dramatically in both Europe and the United States, especially with regard to fuel prices. Russian president claims:

“The world has been driven into this by years of irresponsible macroeconomic policies pursued by G7 countries, including uncontrolled emission and accumulation of unsecured debt.”

The whole world is suffering from serious inflation. In November, when the biggest cryptocurrency in the world, Bitcoin, touched the skies to reach a new all-time high, PayPal’s billionaire co-founder Peter Thiel said that the high BTC price clearly indicates real inflation.