NewsRescue
One of Russia’s wealthiest men has warned that the American economy is currently facing severe challenges as a result of global overreach. On Friday, tycoon Oleg Deripaska made the remarks via his Telegram channel.
He believes that the country’s enormous government debt and exorbitant spending cannot be supported by the underlying economy.
“Reckless militarization, sanctions against everyone, and global military adventures have already cost this country nearly $33 trillion,” said the billionaire, who was sanctioned by the US last year. He did not, however, explain where this figure came from.
Deripaska stated that the United States has never been so close to declaring fiscal bankruptcy.
“It is pointless to print more money.” As a result, they will quietly discuss raising the debt ceiling in Congress,” he explained.
“A lot of heads will roll in Washington this spring,” he predicted, adding that this will pave the way for peace in 2025.
According to the founder of the world’s second-largest aluminum company, Rusal, Washington also faces the issue of nearly $17 trillion in unsecured deposits in regional banks.
Unnamed sources told Bloomberg earlier this week that the US Treasury Department is considering whether federal regulators have enough emergency authority to temporarily insure deposits greater than the current $250,000 cap on most accounts. The Mid-Size Bank Coalition of America, which includes banks with assets of up to $100 billion, is said to be pushing for the legislation.
Following the failures of Silicon Valley Bank and Signature Bank earlier this month, the US banking sector has recently been hit by a wave of failures. The turmoil has spread to Europe, engulfing Credit Suisse, Switzerland’s second-largest lender, forcing it to merge with rival investment bank UBS.
According to Deripaska, the emergency rescue will not halt the crisis, which will also derail UBS Group.
