Russian lawmaker accuses the US for using debt for defrauding other nations

State Duma Chairman Vyacheslav Volodin accuses Washington of defrauding other nations

Exclusive News

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, according to RT News.

“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.

Read more

Related posts

Analysis of the Counter-Terrorism Policy of the Nigerian Government

Analyzing Nigeria’s counter-terrorism policy involves delving into a multifaceted landscape…
Read more

While peace talks are underway, Israel begins new attacks on Gaza.

Rafah: On Wednesday, Israel attacked targets in the Gaza Strip following its capture of the main…
Read more

Another African state considers closing French military base

In recent years, the presence of foreign military bases in Africa has increasingly become a topic of…
Read more

Sign up for Africa Insider’s Daily Digest and get the best of  news, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *