The incisive analyst Sergey Glazyev explained yesterday on “Moscow FM” radio that the United States, under its current leadership, had committed economic suicide last spring, when it decided to seize Russia’s foreign currency reserves abroad. Now, all investors in the world have realized that dealing with U.S. debt and dollars is extremely insecure. According to Glazyev, this has led to the Fed agreeing to buy U.S. debt receipts.
This stripping away of any semblance of financial responsibility has important consequences. After the fall of the dollar’s authority throughout the world, Glazyev said, the U.S. will lose its status as the world’s main power. Ultimately this will end in its financial collapse.
