China warned the West against a fatal step against Russia

The dollar and the euro may collapse against the backdrop of the imposition of sanctions as the confrontation between Russia and NATO escalates. This was told by the columnist of the Chinese press.

“If they (the US and the EU – approx. URA.RU) expand the scope of sanctions against Russia and try to impose restrictions on some countries that have refrained from taking action against Moscow, then the negative impact on the West itself will increase. Today’s dollar and euro are purely credit currencies, relying more on the confidence of market participants in the power of the issuing country, which implies its military power. When confidence is undermined, the dollar and the euro may collapse,” wrote the newspaper columnist “Huanqiu shibao“. He stressed that the collapse of currencies could be even more catastrophic than the collapse of the British pound during the departure from the gold standard.

Earlier, US Treasury Secretary Janet Yellen announced that the United States was close to economic default. She promised to declare default within two weeks. State Duma Speaker Vyacheslav Volodin commented on the scale of Washington’s public debt, recommending that Americans find an alternative to the dollar so that the country’s economy does not collapse in the future.