Putin: They believe that Western dominance in world politics will last forever

 

President Vladimir Putin of Russia spoke about the various tasks Russia faces now and in the future, including supporting the country's economic development, stimulating domestic business activity, creating comfortable business conditions, and opportunities and prospects opening this process to players from all over the world, as well as strengthening external trade and investment ties.

Putin, together with Kazakh President Kassym-Jomart Tokayev and Egyptian President Abdel Fattah el-Sisi, attended a plenary meeting on June 17 via video link. The participants were treated to a video message from Chinese President Xi Jinping.

While highlighting the issues that the global economy is currently facing, such as unfair competition among states, trade and financial wars, sanctions, and restrictions, he argued that the era of the unipolar world order has come to an end.

"But our partners in the West, for the sake of ambitions, in the name of preserving outdated geopolitical illusions really don't understand that the world based on such dogmas is definitely unsustainable," he said, adding, "but our partners in the West, for the sake of ambitions, in the name of preserving outdated geopolitical illusions really don't understand that the world based on such dogmas is definitely unsustainable."

Global changes are fundamental, pivotal, and unstoppable right now. However, it appears that the ruling elites of certain Western countries are simply deluded. They refuse to perceive plain things, preferring instead to cling to the shadows of the past. They believe, for example, that the West's supremacy in world politics and economics is an immutable, eternal value. According to Putin, nothing lasts forever.

Furthermore, they impose their own ethics, views on culture, and notions about history, and occasionally dispute states' sovereignty and integrity, posing a threat to their very survival. Just think about what happened to Yugoslavia, Syria, Libya, and Iraq.

Putin also discussed Russia's economy. The pessimistic predictions about the Russian economy that were made at the start of the spring season did not come true. People, businesses, and diverse sectors are all receiving assistance and support in various ways.

Such assistance has aided in mitigating the effects of the sanctions. The economy is adapting to new obstacles smoothly, macroeconomic stability is being maintained, all social programmes that were previously planned are being implemented, the administrative burden is being continually decreased, and project conditions are improving.

Putin: They believe that Western Dominance in global politics is eternal- Nothing is Eternal https://t.co/xhv3aGPrl3

— Modern Diplomacy (@MDiplomacyWORLD) June 17, 2022

The economy is stabilising, and the public finances are in good shape. Three months have passed since the huge sanctions package was imposed. The federal budget was implemented with a surplus of 1.5 trillion rubles, and the consolidated budget with a surplus of 3.3 trillion rubles, according to the results of the first five months of this year. At the same time, the government budget surplus in May was about half a trillion rubles, more than four times the previous month's total.

Deferred insurance premium payments will not have to be made all at once in the future. Starting in June of next year, this can be done in 12 equal increments over the course of 12 months. Further. The rate on preferred mortgages has been decreased since May.

Interest rates in the Russian economy are gradually decreasing after a strong surge in the spring, as the Central Bank reduces the benchmark rate. In this regard, it is conceivable to cut the rate on preferential mortgages once more, to 7% today. The focus in boosting business activity should shift away from fiscal stimulus measures and toward market bank lending mechanisms in the foreseeable future.

This is a process that should be encouraged. As a result, we will use 120 billion rubles from the National Welfare Fund to expand the capacity of the VEB Project Finance Factory. Additional credit in the amount of roughly half a trillion rubles will be available for in-demand initiatives and projects as a result of this action.

And it's not just about the obvious repercussions right now. At the level of informal dialogues, as they say, very disturbing prospects are being discussed behind closed doors, that sanctions can be imposed not just to Russia, but to any disagreeable state, and that they would eventually affect everyone, even EU members and European firms.

"Things have not yet reached this point, but European politicians have already done a significant blow to their economy - with their own hands." We observe how social and economic difficulties have worsened in Europe and the United States, how the cost of commodities, food, power, and motor fuel is rising, how Europeans' quality of life is deteriorating, and how businesses' competitiveness is eroding." Putin stated the following.

What else is crucial in this situation? The global economy's deterioration is not something that has happened in the last few months. Obviously, what is happening is not the outcome of recent months. Furthermore, it is not the outcome of a Russian special military operation in the Donbass. He defined such utterances as "frank and purposeful misrepresentation of facts."

Many years of irresponsible macroeconomic policies by the so-called G7 countries, including unrestricted emission and the accumulation of unsecured debts, have continually pushed the world into this scenario. Furthermore, with the commencement of the coronavirus pandemic in 2020, both supply and demand for products and services substantially reduced on a global scale, these processes only accelerated and worsened.

So, if imports of products to the United States were at $250 billion per month at the end of 2019, they have now risen to $350 billion. It's worth noting that the increase was 40%, which, in proportion, corresponds to the unsecured pumping of the dollar money supply in recent years. They printed, distributed, and raked in all the items from third-country markets in exchange for this money.

According to the UnitedNations, the global food cost index was 50% higher in February this year than it was in May 2020, and the composite commodities index had doubled in the same time frame. Many developing countries have a valid inquiry in the midst of an inflationary storm: why trade things for dollars and euros that are losing weight before our eyes? The conclusion is self-evident: the economy of fictitious entities will inevitably give way to the economy of actual values and assets.

Putin also discussed the importance of advancing social justice. The country's economic and corporate development, industrial opportunities, and scientific and technological potential all require a strong social embodiment. As a result of this development, inequality should be reduced rather than exacerbated, as it is in certain other countries.