An international monetary official does not rule out the possibility of the collapse of the current global monetary system

Russia – Alexei Mugin, Executive Director of the International Monetary Fund for Russia, indicated that he does not rule out the possibility of the collapse of the current global monetary system.

He said in an interview with “Novosti” agency today, Friday: “Is there a possibility of the collapse of the global monetary system?” “It seems to me that such a possibility really exists.”

The expert stated that the currently existing system relies on confidence that dollar assets are safe, but central banks, institutions, and even families have already begun to sell dollar assets and buy gold, due to growing lack of confidence in their safety.

Mogin warned of chaos in the global economy, and said: “Once this confidence is lost, a period of chaos will occur in the global economy.”

Last April, the International Monetary Fund warned, in its financial monitoring report, that the debts of the United States and China pose a threat to global finances.

The rise in US public debt and the dependence of global trade on the dollar raises concerns among experts and a number of countries around the world.

Data issued by the Treasury Department, earlier this month, revealed that the US budget deficit exceeded one trillion dollars in the first six months of the fiscal year, partly paid for by the rise in interest on public debt.

Source: Novosti