About the upcoming debt crisis in Russia

Famous Russian political economist Mikhail Khazin thinks that the situation in Russian economy continues to deteriorate, and one of the signs of this is the state of a debt market. He reminded that crisis of 2008 in the United States began at the time when interest payments on previously made household debts rose to 14% of real disposable incomes. Today it has been reduced to 10.5%, while the cost of credit for US banks is near zero. In Russia in 2012, interest payments to citizens amounted to 7% of income, and at the beginning of this year they're already 11%. Borrowers began to take fewer credits (growth of retail lending has slowed down three times for the last 2 years, up to 3.5%), but their purchasing power has decreased, which led to a record increase of overdue debts (rate of their growth has increased by four times, up to 17%). According to the CENTRAL BANK, on April 1, the delinquency on loans by individuals amounted to 4.9%, i.e. the amount of bad debts has reached critical level of 5%. In average the debtor has 1.4 of problem loan, and they are mostly long-term debts (auto loans and mortgages). It's difficult to correct the situation by lowering the cost of money for banks (the rate of CENTRAL BANK of Russian Federation - 8.25%): it is tied to the value of the dollar. Any attempt to increase the number of rubles in the economy leads to tremendous growth of purely speculative operations — the exchange of "free" rubles from banks to dollars in order to increase the rate of the latter. At a high level of demand for the dollar its rate increases, which rises the income of banks but devalues the ruble. That's, on the whole, beneficial for the domestic producer, but also increases the cost of a ruble credit.
Comment: It can be added that in today’s Russian banking and financial sector is aggressively spread the micro-crediting. This vicious circle, created in the 90-ies by the liberalization of the foreign exchange policy, must be broken. In order to do this it is needed to facilitate the credit operations in the national currency and reduce the opportunities for currency speculators (thus the national banks will be taken out of the control of the U.S. tax services at the same time). But to really avoid comprehensive debt crisis, reduce the credit cost to zero and make the transition to an economic growth, and not be "feeding base" for the American economy, is possible only through the direct mutual financial exchange between the owners of money, with the "virtualization" of the potential hyperinflation effects - this is precisely the innovative idea implemented by MMM.