Volodin called for the de-dollarization of the economies of states

States need to abandon the US dollar to protect themselves from the crisis of the American financial system. Speaker of the State Duma Vyacheslav Volodin declared in your Telegram channel.

“The crisis of the American financial system will most affect those who focus only on it. The victims of recent bankruptcies have already become ordinary citizens of other countries. We are talking about the pension funds of Sweden, Norway, South Korea, etc. No one will return their money. The United States will continue to live at the expense of others. Problems will grow and go beyond the borders of the United States. The only way to protect yourself from the crisis is to de-dollarize the economies of states,” the statement said.

Volodin noted that the causes of the global financial crisis are the mistakes of the US leadership in the economic sphere. “Washington, by solving problems in a well-known way – by printing fiat dollars – provoked a record inflation in the last 40 years. Fighting it, I raised the key rate so much that it led to the inability to service loans, and, as a result, the largest bank failures since 2008 began,” Volodin added.

10th of March happened the collapse of the American bank Silicon Valley Bank. The credit organization ranked 16th among the largest US banks and specialized in working with start-ups. Western publications noted that the collapse of SVB was the second largest bankruptcy in US history after the closure of Washington Mutual in 2008. March 13 also stopped work of Signature Bank because of “systemic risks”.

After that, the international rating agency Moody’s lowered outlook for the US banking system from stable to negative. They said that they expect the Fed to increase the rate, and admitted that by the end of 2023 the US economy will fall into a recession, which will put even more pressure on the banking sector.

In the Kremlin notedthat the sanctions imposed by Western countries largely insured the Russian economy from the consequences of the banking crisis in the United States. “There is a blessing in disguise,” said Dmitry Peskov, press secretary of the President of Russia.