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| Global adventures cost US economy $33 trillion – Russian tycoon | Global adventures cost US economy $33 trillion – Russian tycoon |
| (about 5 hours later) | |
| Sanctioned businessman Oleg Deripaska says exorbitant government spending will lead to a financial crash | Sanctioned businessman Oleg Deripaska says exorbitant government spending will lead to a financial crash |
| One of Russia's richest mena has warned that the American economy is currently in a very challenging situation, due to global overreach. Tycoon Oleg Deripaska make the comments using his Telegram channel on Friday. | |
| He believes the underlying economy cannot take the weight of the country’s enormous government debt and exorbitant spending. | |
| “Reckless militarization, sanctions against everyone, and military adventures around the world have already cost this country almost $33 trillion,” said the billionaire, who was sanctioned by the US last year. However, he provided no details on where this figure came from. | “Reckless militarization, sanctions against everyone, and military adventures around the world have already cost this country almost $33 trillion,” said the billionaire, who was sanctioned by the US last year. However, he provided no details on where this figure came from. |
| Deripaska noted that the US has never come so close to the bankruptcy of public finances. | Deripaska noted that the US has never come so close to the bankruptcy of public finances. |
| “Printing more money is useless. Therefore, they will quietly discuss how to raise the debt ceiling in Congress,” he explained. | “Printing more money is useless. Therefore, they will quietly discuss how to raise the debt ceiling in Congress,” he explained. |
| “Lots of heads will roll this spring in Washington,” he said, adding that this will pave the way for peace in 2025. | “Lots of heads will roll this spring in Washington,” he said, 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 problem of unsecured deposits in regional banks that amount to nearly $17 trillion. | According to the founder of the world’s second-largest aluminum company, Rusal, Washington also faces the problem of unsecured deposits in regional banks that amount to nearly $17 trillion. |
| Earlier this week, unnamed sources told Bloomberg that the US Treasury Department is reviewing whether federal regulators have sufficient emergency authority to temporarily insure deposits greater than the current $250,000 cap on most accounts. The measure is reportedly being sought by the Mid-Size Bank Coalition of America, which includes banks with assets of as much as $100 billion. | Earlier this week, unnamed sources told Bloomberg that the US Treasury Department is reviewing whether federal regulators have sufficient emergency authority to temporarily insure deposits greater than the current $250,000 cap on most accounts. The measure is reportedly being sought by the Mid-Size Bank Coalition of America, which includes banks with assets of as much as $100 billion. |
| The US banking sector has recently been hit by a wave of failures after the collapses earlier this month of Silicon Valley Bank and Signature Bank. The turmoil has spread to Europe, engulfing Switzerland’s second-largest lender Credit Suisse, which was forced to merge with rival investment bank UBS. | The US banking sector has recently been hit by a wave of failures after the collapses earlier this month of Silicon Valley Bank and Signature Bank. The turmoil has spread to Europe, engulfing Switzerland’s second-largest lender Credit Suisse, which was forced to merge with rival investment bank UBS. |
| According to Deripaska, the emergency rescue won’t stop the crisis, which will derail UBS Group as well. | According to Deripaska, the emergency rescue won’t stop the crisis, which will derail UBS Group as well. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |