Russian lawmaker seeks to ban US dollar, predicts 2017 collapse

by  |  published on November 14, 2013
To protect Russians against the “collapsing US debt pyramid”, a Russian legislator has filed a draft bill to ban circulation of the currency in Russia.

Once a Moscow mayoral hopeful, Mikhail Degtyarev, 32, likens the US dollar to a worldwide ponzi scheme which he says is scheduled to end in 2017.

“If US national debt continues to grow at its current rate, the dollar system will collapse in 2017,” the submitted draft legislation says.

“In light of this, the fact that confidence in the US dollar is growing among Russian citizens is extremely dangerous,” Degtyarev wrote in his explanatory note attached to the bill.

The bill would impose a ban on dollars within a year of its passage, and any private citizen holding accounts in dollars would either need to spend the money or convert it to another currency. There is no proposed ban on the euro, British pound, yen, or yuan.

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