BRICS member Russia is targeting U.S. debt by saying that America could soon run out of paper to print dollars. In a stinging attack, Dmitry Peskov, Press Secretary for President Vladimir Putin hit out at American leaders for their inefficiency in bringing the debt crisis under control.
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The U.S. debt has now reached a staggering $33.6 trillion and has grown by $1.2 billion every hour since last month. Additionally, the U.S. national debt climbed above $100,000 per American this month in November 2023.
Taking a cue from the development, Peskov highlighted the U.S. lawmaker’s inability to bring the ever-growing debt under control. Peskov poked fun at the U.S. Treasury, Capitol Hill lawmakers, and the President for their incapability in controlling the debt.
BRICS: The U.S. Dollar Printing Crisis
BRICS member Russia also stated that with the speed at which the U.S. is printing dollars, the country might soon run out of paper. The indefinite printing of dollars is burdensome to the economy attracting debt at every turn. The American taxpayers remain at the receiving end of the situation as prices, including daily essentials, skyrocket in the homeland.
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Peskov explained that the U.S. spends $200 million every hour to service and control its debt, but is still failing. “I read recently that the United States spends about $200 million an hour on servicing its debt,” he said. “They will run out of paper soon,” he summed it up to the RT news outlet.
The U.S. debt stood at $ 31.4 trillion in January this year, and 11 months later in November today, stands at $33.6 trillion. This translates to a rise of $1.3 billion per day, and close to a rise of $54.2 million per hour. If the trend is not brought under control, servicing the national debt will become the biggest expenditure of the Federal government.
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However, the U.S. does not literally print currency bills, but banks create money by lending excess reserves to consumers and businesses. Nonetheless, the move adds more money in circulation as funds are deposited and loaned again. While Peskov might be wrong about the ‘printing’, his message might more or less be accurate. Read here to know how the US creates money for a more in-depth understanding.
