Tuesday , 16 April 2024

This Proposed Law Would Ban Use or Possession of U.S. Dollar in Russia (+5K Views)

If the U.S. national debt continues to grow then the U.S. dollar system will{D6599C36-0E70-4096-B933-1653C9912986}05112012_Congress_Sending_article collapse in 2017 suggests a Russian lawmaker in submitting a bill to the country’s parliament that would ban the use or possession of the American currency.

So says Marc Bennetts (washingtontimes.com) in edited excerpts from the original Special to The Washington Times article* entitled Bill would outlaw U.S. dollar in Russia. Hat Tip to SeniorD

[The following article is presented by  Lorimer Wilson, editor of www.munKNEE.com and the FREE Market Intelligence Report newsletter (sample here) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.]

Bennetts goes on to say in further edited excerpts:

Mikhail Degtyarev, the lawmaker who proposed the bill, compared the U.S. dollar to a Ponzi scheme warning that the government would have to bail out Russians holding the U.S. currency if it collapsed….[saying:]

“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.”

The bill would partially revive a Soviet-era ban on the dollar.

  • It would prohibit Russians from holding dollars in the country’s banks.
  • Banks also would be unable to carry out transactions in the dollar.
  • Russians, however, would still be able to buy or sell dollars while abroad, as well as hold dollar accounts in foreign banks.
  • The Central Bank of the Russian Federation and the government would be exempt from the law.
[Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.]

*Read the article in its entirety at http://www.washingtontimes.com/news/2013/nov/13/bill-would-outlaw-us-dollar-russia/ (All site contents © Copyright 2013 The Washington Times, LLC)

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One comment

  1. If Countries start to play fiscal hardball by making it illegal to possess foreign currency, then the ability to move money as we know it today will cease to exist!

    I believe that this article is a wake up call for all investors to start thinking about what they would do if the country where the live starts making holding foreign currency illegal, which would limit them from spreading their “risk” as they can do now.

    Note that if they can do this with foreign money they can also do it with foreign minted PM’s and/or PM’s in general!

    Got Passports?