MOSCOW, January 30. /TASS/. The model of conducting payments through Western banks no longer works, and by using the financial system as a weapon, the West is rapidly undermining it, Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin said.
"You can see the accumulation of financial debt among the G7 countries. Demographic trends are leading to rising budget expenditures, while the tax base is under pressure. The traditional financial system, based on the creation of new money and the commercial banking system, has reached the limits of debt-based financing. The boundaries of debt accumulation are now visible, which means that the creation of debt money as a driver of the global economy is coming to an end. The model of making payments through Western banks no longer works; by using the financial system as a weapon, the West is rapidly destroying it," he said.
Oreshkin also added that the European Union has lost its sovereignty concerning every key sphere over the past decades and de facto "entered the US orbit."
"There is the European Union which in the past decades has largely lost its autonomy on all key directions and de facto entered the orbit of the United States of America," Oreshkin said.
According to him, multiple countries are now facing the choice of whether to join the orbit of one of major hubs of sovereignty or try and pursue their own independent policy course and find their role on the global map. "The world will be changing, and, this, of course, will have an impact on the life of every one of us," he added.