Published on Nov 14, 2013
One of the
world’s reserve currencies, the U.S. dollar, may soon disappear in
Russia. According to deputies of the State Duma, the Russians trust the
dollar, despite the U.S. crisis. Russian MPs are worried that the dollar
system may collapse in 2017 due to the growth of the U.S. government
debt.Michael Dyagterev, politician, member of the State Duma from the Liberal Democratic Party“The main objective of the bill
is to have a discussion. This is multi- task goal, one of the parts of
which is to stop the entry of the dollar in Russia. The second task is
to push our leaders towards making all our export operations, including
oil and gas ones, in rubles. And, as the crown of the strategy, to
create a global reserve currency called the ruble. There’s nothing to
fear. It’s the Americans who should be worried. Their national debt is
17 trillion dollars, and it will grow from month to month. Buildup debt
is a strategy of the American elite. Since debt is a process that has
its end, then the process will end with a default or any other type of
turmoil. We need to convert all reserves of the country into gold. No
currency should be left there, all paper reserves are disastrous for
Russia. This is also a part of the strategy that should be conducted.”Should the bill on the ban of
the circulation and storage of U.S. dollars in Russia be approved, the
owners of American bank notes will have to either spend their dollar
cash within one year or exchange it for another currency. Otherwise,
banks will be forced to sell dollars at an average exchange rate of the
previous year. There will be special measures provided to prevent the
storage and use of dollars. The American currency will be seized by law
enforcement agencies for a period of up to 30 days, and then exchanged
and returned to the owner in the domestic currency.Michael Dyagterev, politician, member of the State Duma from the Liberal Democratic Party.“With regard to the dollars
kept by citizens, the bill stipulated no special measures. We simply
encourage people to convert all their dollar deposits in rubles,
exchange all cash dollars for rubles, or some reliable currency, for
example, the Swiss franc, or buy gold. In the event dollars are found,
the state will pay the equivalent in rubles, dollars will be withdraw
from circulation and exchanged for rubles.”Will the
bill come into force? It is obvious that it will trigger a vivid
discussion reminiscent to the never-ending debate between Westerners and
Slavophiles.
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