MOSCOW — Predicting the imminent collapse of the U.S. dollar, a Russian lawmaker submitted a bill to his country’s parliament Wednesday that would ban the use or possession of the American currency.
Mikhail Degtyarev, the lawmaker who proposed the bill, compared the dollar to a Ponzi scheme. He warned that the government would have to bail out Russians holding the U.S. currency if it collapses.
“If the U.S. national debt continues to grow, the collapse of the dollar system will take place in 2017,” said Mr. Degtyarev, a member of the nationalist Liberal Democrat Party who lost in Moscow’s recent mayoral election.
“The countries that will suffer the most will be those that have failed to wean themselves off their dependence on the dollar in time. In light of this, the fact that confidence in the dollar is growing among Russian citizens is extremely dangerous.”
Russian financial analysts were largely critical of the bill, which they suggested was more about making political capital on the back of rising anti-U.S. sentiment in Russia than protecting the country’s economy.
“The American financial system, despite all its existing problems, remains the most stable and low-risk in the world,” said financial analyst Andrei Shenk.
Full article: Russian lawmaker wants to outlaw U.S. dollar calls it a Ponzi scheme (Washington Times)