RT.com
26 May 2023, 22:14 GMT+10
State Duma Chairman Vyacheslav Volodin accuses Washington of defrauding other nations
Senior Russian lawmaker Vyacheslav Volodin has branded the US federal government debt a global pyramid scheme that is heading for an inevitable collapse. The comments come as Washington struggles to agree on raising its debt ceiling to avoid a default.
"Just think about it, in 2023 interest payments on the US debt could reach $1.5 trillion - almost a third of all US budget revenue!" Volodin, who serves as chairman of Russia's lower house of parliament, said in a Telegram post on Friday.
"The US public debt is a global financial pyramid, built by Washington to defraud other nations," the State Duma member wrote. "History has shown that all pyramid schemes eventually fail," he added, warning that the dollar is becoming toxic.
Countries dependent on the US dollar should start looking for alternatives such as national currencies, to reduce risks for their citizens, Volodin concluded.
The US government faces a default on its $31 trillion in debt if lawmakers fail to raise the federal borrowing limit. US Treasury Secretary Janet Yellen warned Congress earlier this week that bills can't be paid if the debt ceiling is not raised by June 1.
Reuters reported on Thursday that President Joe Biden and top Republican lawmaker Kevin McCarthy were edging close to a deal on the debt ceiling but have yet to agree on cuts to discretionary spending, which powers a wide range of military and domestic programs.
Russia started settling trade deals with its partners in national currencies after the US effectively cut it off from dollar-denominated trade as part of sanctions arising from Moscow's military operation in Ukraine.
Russian Prime Minister Mikhail Mishustin said on Wednesday that the ruble and the yuan are now dominating trade between Russia and China, and are used in 70% of mutual payments.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Dublin News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dublin News.
More InformationBURBANK, California: Over the US Memorial Day weekend, Disney's live-action remake of its 1989 animated classic, "The Little Mermaid," brought ...
NEW YORK CITY, New York: The Nielsen company said that CBS has again claimed the title of most-watched television network ...
NEW YORK, New York - U.S. and global stocks tumbled Wednesday as lawmakers continued to navigate their way through Congress ...
PORTLAND, Maine: Fishermen in the US's only commercial-scale fishing industry for valuable baby eels, called elvers, have recorded a productive ...
LAS VEGAS, Nevada: A bill was introduced in the Nevada Legislature to provide the Oakland Athletics up to $380 million ...
WASHINGTON D.C.: Due to one of the tightest labor markets in decades, teenagers, who have been vital for filling summer ...
DUBLIN, Ireland: Ireland has set a record as unemployment fell to 3.8 percent in May, according to the Central Statistics ...
PORTLAND, Maine: Fishermen in the US's only commercial-scale fishing industry for valuable baby eels, called elvers, have recorded a productive ...
WARSAW, Poland: Plans are underway in Poland to gradually raise the minimum wage twice in 2024. The wage plan has ...
BEIJING, China: China will put into commercial operation its first large passenger airliner, in a bid to challenge western plane ...
DUBLIN, Ireland: Ireland's homeowners and businesses expect to see still more reductions in the cost of natural gas as the ...
SAN FRANCISCO, California: Sam Altman, CEO of ChatGPT-maker OpenAI, has said the company could consider leaving Europe if it could ...