Senior Russian lawmaker Vyacheslav Volodin has branded 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.
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When all debt is treated, not as something to be paid off, but as something that always needs to be refinanced, it can be considered as nothing but a pyramid scheme waiting to collapse. Sadly, this attitude regarding debt is prevalent everywhere. Even individual credit ratings are treated better, the more debt you carry. My wife and I paid off our mortgage (somethingrarelydone these days), have never carried a balance on our credit cards beyond the due date each month, and our credit score drops every year. Meanwhile, those who carry massive debts but make regular payments, even if their approach will never resolve that debt, likely have better scores than us.
We’ve done the same thing. Went to buy a cell phone on a $0 down 0% interest and was turned down because I didn’t have a credit history. Didn’t really need or want the phone, it was more of a ‘backup’ thing. We have a good ‘credit’ history now because of the electrical utility account which we pay every month on time. Its all bogus anyway.
What will trigger the coming crash… is the big question.
Having a great credit score just means you’re a fucking sheep.
Having no cartel credit score, such as myself, means a retiree is barred from apartments, normal cell phone plans, etc. Even when offering to pay the entire lease with cashier’s check up front. “The computer/manager says we can’t/don’t do it that way.”
The iron-fisted pickpocket of US degeneracy. A 3% tax on merchants, an ankle monitor on participants. All designed to seize up on command and leave us stranded far from the real wealth and independence of our forefathers.
Sad but true, just another aspect of the ‘upside down world’ we find ourselves in.
Yep, more inversion.
The interest rates charged by the banks are criminal. I’ve been saying an economic collapse is inevitable. The coming Fed coin CBDC is a workaround for TPTB, what they do with the debt should be interesting.
Since 1933 every new child born was required to be ‘registered’, thereby creating a Corporate
Person, effectively denying that child any rights as an owner of Real Property.
The act of registering a child contracted them as chattel, and the birth record was a deceptive
legal way of getting the parents to sign the baby away. The birth record was in fact a promissory
note that was converted into a slave bond, which was then sold to a private reserve bank
effectively giving ownership of the child to the bank.
Each new baby’s contract was sealed by either a drop of their blood or by an ink impression of
their foot onto the birth record. This ‘signature’ was used to create their lifetime value, evidenced
by their labor and the taxes and costs of that labor as monetized currency – all designed to keep
people in servitude for their entire lifetime.
Speaker-Rep. James Traficant, Jr. (Ohio)
The U.S. citizen (tenant, franchisee)
was registered as a “beneficiary” of the trust via his/her birth
certificate. In 1933, the federal United States hypothecated all of the
present and future properties, assets and labor of their “subjects,”
Rollover, rolloer, rollover, ad infinitum. Fund the Ukies fully, cut SS & Medicare. Drink more Bud Light, shop at Target, wear North Face et al.
ESG=DEI=BLM.
The Khazarians are at the gates and the looting of all financial instruments is in full swing. The market will continue to go up and FOMO will set in for the retail investor, just as it did before the last big crash is 1921. Watch the debt market, it’s the indicator of the crash, when you see the 10 year Treasury start to rise uncontrollably you know the FED lost control and our fiat system is finished and going down in flames…it’ll be over in the blink of an eye…
I wonder what his first clue was! I prolly oughta cut him some slack. After all he wasn’t born here and therefore was never properly “educated” in the ways of high finance.
Take all you can. Give nothing back!
It’s the Free Shekels dance! Laughin’ and dancin’ all the way to their banks.
They even put a pyramid on the dollar bill, hiding in plain sight, but still the people do not get it.
I’ll gladly pay you next Tuesday for a hamburger today.