Russian State Duma Chairman: ‘US National Debt Is a Global Financial Pyramid’

Vyacheslav Volodin, chairman of the Russian State Duma, the decrease home of the Russian Federal Assembly, has acknowledged that U.S. debt has turn out to be a “global financial pyramid” whose goal is to “deceive other nations and people.” Volodin additionally defined that the power of the U.S. authorities to service its debt was weakening, making the U.S. greenback a poisonous forex.

Russian State Duma Chairman Criticizes U.S. Debt Management

Vyacheslav Volodin, chairman of the Russian State Duma, has blasted the U.S. authorities’s administration of its nationwide debt. On Friday, the pinnacle of the decrease home of the Russian Federal Assembly criticized the state of affairs of the spiraling debt of the U.S. and the way the U.S. authorities has lifted the debt ceiling greater than 100 instances prior to now.

On his Telegram channel, Volodin stated:

All monetary pyramids, as historical past reveals, in the end finish in failure. But the present state of affairs is completely different. The U.S. nationwide debt is a worldwide monetary pyramid created by Washington to deceive different nations and other people.

Furthermore, Volodin defined that the power of the U.S. authorities to service its debt was weakening. This made the greenback a dangerous coin to carry, Volodin remarked, making it a “toxic” forex, explaining that a number of international locations had been shifting to different currencies for this trigger.

U.S. Debt in Perspective

According to official numbers, for the 12 months 2023, the U.S. debt was $31.4 trillion, having elevated virtually $10 trillion over the last 5 years. A major yearly improve was produced in 2020 when it rose 19% as a result of impression of the completely different Covid-19 help packages.

The improve on this nationwide debt additionally determines an increase within the curiosity paid on it. On this, Volodin acknowledged:

Just give it some thought, in 2023 the sum of curiosity funds on the U.S. nationwide debt might attain 1.5 trillion USD, and it’s virtually a 3rd of all US funds revenues.

The Chairman of the State Duma additionally beneficial that the completely different states of the U.S. federation ought to search options to the greenback to cut back the dangers for his or her residents.

Twenty-three states are discussing legal guidelines to approve utilizing gold and silver for funds. In April, Arkansas signed a regulation to make gold and silver bullion and cash authorized tender, releasing transactions made with these metals from any tax duties. In the identical means, Texas is presently advancing a invoice that will concern a gold-backed digital forex as authorized tender.

What do you concentrate on the statements of Vyacheslav Volodin, chairman of the Russian State Duma, on the U.S. nationwide debt and the U.S. greenback? Tell us within the remark part beneath.