Vyacheslav Volodin, chairman of the Russian State Duma, the lower house of the Russian Federal Assembly, has stated that U.S. debt has become a “global financial pyramid” whose objective is to “deceive other nations and people.” Volodin also explained that the ability of the U.S. government to service its debt was weakening, making the U.S. dollar a toxic currency.
Russian State Duma Chairman Criticizes U.S. Debt Management
Vyacheslav Volodin, chairman of the Russian State Duma, has blasted the U.S. government’s management of its national debt. On Friday, the head of the lower house of the Russian Federal Assembly criticized the situation of the spiraling debt of the U.S. and how the U.S. government has lifted the debt ceiling more than 100 times in the past.
On his Telegram channel, Volodin stated:
All financial pyramids, as history shows, sooner or later end in failure. But the current situation is different. The U.S. national debt is a global financial pyramid created by Washington to deceive other nations and people.
Furthermore, Volodin explained that the ability of the U.S. government to service its debt was weakening. This made the dollar a risky coin to hold, Volodin remarked, making it a “toxic” currency, explaining that several countries were shifting to other currencies for this cause.
U.S. Debt in Perspective
According to official numbers, for the year 2023, the U.S. debt was $31.4 trillion, having increased almost $10 trillion during the last five years. A significant yearly increase was produced in 2020 when it rose 19% due to the impact of the different Covid-19 assistance programs.
The increase in this national debt also determines a rise in the interest paid on it. On this, Volodin stated:
Just think about it, in 2023 the sum of interest payments on the U.S. national debt could reach 1.5 trillion USD, and it is almost a third of all US budget revenues.
The Chairman of the State Duma also recommended that the different states of the U.S. federation should seek alternatives to the dollar to reduce the risks for their citizens.
Twenty-three states are discussing laws to approve using gold and silver for payments. In April, Arkansas signed a law to make gold and silver bullion and coins legal tender, releasing transactions made with these metals from any tax duties. In the same way, Texas is currently advancing a bill that would issue a gold-backed digital currency as legal tender.
What do you think about the statements of Vyacheslav Volodin, chairman of the Russian State Duma, on the U.S. national debt and the U.S. dollar? Tell us in the comment section below.