Is The U.S. Dollar Based On A Ponzi Scheme?

An employee counts U.S. dollar notes at a money changer in Jakarta January 27, 2010. Credit: Reuters/Beawiharta

Russian Lawmaker Wants To Outlaw U.S. Dollar, Calls It A Ponzi Scheme -- Washington Times

MOSCOW — Predicting the imminent collapse of the U.S. dollar, a Russian lawmaker submitted a bill to his country’s parliament Wednesday that would ban the use or possession of the American currency.

Mikhail Degtyarev, the lawmaker who proposed the bill, compared the dollar to a Ponzi scheme. He warned that the government would have to bail out Russians holding the U.S. currency if it collapses.

“If the U.S. national debt continues to grow, the collapse of the dollar system will take place in 2017,” said Mr. Degtyarev, a member of the nationalist Liberal Democrat Party who lost in Moscow’s recent mayoral election.

“The countries that will suffer the most will be those that have failed to wean themselves off their dependence on the dollar in time. In light of this, the fact that confidence in the dollar is growing among Russian citizens is extremely dangerous.”

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My Comment: Discussions on the credit worthiness of the U.S. dollar are increasing in Europe and Asia. This is amazing (to me) .... a decade ago there was never any doubt on the value of the U.S. dollar .... today .... doubts and looking for an alternative to the U.S. dollar are increasing. As to what I have done with my money .... I live in Canada .... so (for me) everything is now in Canadian dollars. Sighhhh ..... this is how superpowers fall .... when money becomes worthless the country will quickly follow.