According to him, confidence in the Western financial system has already been undermined.

“If today China and Arab countries even simply withdraw their funds from America, from American treasury securities, then the collapse of the American financial system will be much faster.

Anyway, it will happen someday with such a debt,” TASS quotes him.

Kostin jokingly noted that Russian Finance Minister Anton Siluanov could fix the American budget in a few years.

However, he added that in reality the United States does not intend to do this themselves.

“Therefore, the collapse will definitely come someday,” he said, noting, in particular, that without money and investments from other countries, the American economy and the global financial market will look completely different than they do now.

In January, the head of the US Treasury, Jeannette Yellen, called the US foreign debt of $34 trillion frightening.