US on brink of severe economic crisis

The world is in a state of flux now, Andrey Kostin noted

The only thing keeping Washington’s bloated national debt from sinking the country is the dollar’s status as global currency, Chief Executive Officer of Russia’s second-biggest lender VTB Andrey Kostin said, adding that the US is on the brink of an economic crisis.

“I am thoroughly convinced that America is inevitably headed for a serious economic crisis. The amount of debt currently held by the US today has reached inconceivable, astronomical levels. And the dollar’s monopoly on the global stage is the only thing enabling the Americans to maintain such a level of debt. If the Chinese or the Arabs took their money out of the US, a complete collapse would ensue for the financial sector and the government,” he said in an interview with the Fontanka publication.

The world is in a state of flux now, Kostin added. “If the West fails to revise its policy I think that the move toward the collapse of the colonial system will only accelerate,” he said.

The chief executive noted that China is already starting to shed government bonds. “America considers the People’s Republic of China just as much a competitor as Russia. I would even say an enemy,” Kostin concluded.