The US's financial system is unlikely to withstand the unfolding crisis caused by militarization of the country's economy, indiscriminate sanctions and Washington's adventurous war campaigns around the globe, Oleg Deripaska, founder of the world's second largest aluminum company, UC Rusal, said on Friday
MOSCOW (Pakistan Point News / Sputnik - 24th March, 2023) The US's financial system is unlikely to withstand the unfolding crisis caused by militarization of the country's economy, indiscriminate sanctions and Washington's adventurous war campaigns around the globe, Oleg Deripaska, founder of the world's second largest aluminum company, UC Rusal, said on Friday.
"The situation in America, of course, is very, very problematic. Reckless militarization, sanctions against anyone and adventurous military actions all over the world have already cost this country almost $33 trillion. And printing more (money) for free will not work. So, they will argue in the (US) Congress how to imperceptibly raise the debt ceiling once more. But, there's this problem of nearly $17 trillion in unsecured deposits in regional banks. Something tells me that this bald eagle won't be able to fly," he said on Telegram.
However, the billionaire noted that the Russian business has been facing similar problems for years, listing US's regional banks "going bust one after another" and failure of enterprises to compete against China or Mexico after the Federal Reserve raised the interest rate to 5%.
"And is this why we (Russia) have not had any meaningful economic growth or income growth of the main population groups for the last 12 years? We live off oil and gas rents ... barely making ends meet. Once again, we delay the development of both Siberia and the Far East," he said.
On March 10, US federal regulators closed SVB, the largest US bank to collapse since the 2008 financial crisis and the second largest implosion in the country's history. Later that week, the New York-based Signature Bank was seized in the third largest bank collapse in US history. Both lenders, which catered largely to the tech sector, became victims of a bank run.
