The Rise of America’s Debt Ceiling has been visualized below using data from various sources, including the World Bank, U.S. Department of the Treasury, and Congressional Research Service. Every few years the debt ceiling standoff puts the credit of the U.S. at risk. In January, the $31.4 trillion debt limit – the
When the United States goes bankrupt, one consequence would be the loss of the US dollar as the global reserve currency, leading to the return of dollars held in many national reserve banks back to the US. The current known federal debt is $31.7 trillion according to the web site, US
While testifying at a Senate Defense Appropriation hearing, US Defense Secretary Lloyd Austin and other senior Pentagon officials warned of the “Chinese threat” in the event of a US default. US Defense Secretary Lloyd Austin and other senior Pentagon officials have urged lawmakers to extend the federal borrowing limit, insisting
According to the Buenos Aires-based consulting firm 1816 Economia & Estrategia, Argentina is on the brink of financial collapse as it has depleted all of its liquid international reserves and has reportedly spent an additional estimated $1 billion. Argentina’s fight to prevent its problematic currency from a total meltdown is
Chris Edwards, an economic analyst at the Cato Institute, said that as the U.S. owes a whopping $7 trillion to foreigners, the federal government would be forced to either hike taxes or cut spending immediately to be able to pay the increased interest. The good news during the latest government
The Federal Reserve purchased large amounts of government bonds and mortgage bonds to support the economy and financial markets during the COVID crisis, which has led to concerns that it is technically bankrupt. Behind closed doors, the report is already making the rounds in expert circles: if you follow the
According to data from the US Treasury, California owes the most debt at $18.6 billion and has defaulted on it. California’s recent decision not to pay back some $20 billion borrowed from the federal government to cover unemployment benefits during the pandemic will fall on the shoulders of employers, according to
Holders of dollars will see their purchasing power plummet, which is not a good thing for ordinary Americans if the US loses reserve currency status, and the fault will lie with the decades of monetary and fiscal mismanagement made possible by the dollar’s status as a global reserve currency. Earlier
With the national debt of the world’s reserve currency soon expected to exceed $32 trillion, some are predicting a potential $20 trillion dollar global financial collapse.