As the June 5 deadline for a decision on the U.S. debt ceiling looms, China could gain the upper hand in global influence if the United States defaults on its $31.4 trillion debt. Amid political tensions and struggles for trade dominance, the debt ceiling debate is poised to have a significant impact on the U.S. dollar, both…
US Debt Default Could Help China Dethrone the Dollar
May 31, 2023
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What Voters Fear Most if Debt Ceiling Talks Fail and Default Comes Knocking
Even though both President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) have said in recent days they don’t believe the debt ceiling negotiations will end in a fiasco and trigger an economically damaging debt default, markets are jittery and voters nervous as they mull the implications of America failing to meet its debt obligations….
Biggest Fear Among US Business Leaders Is ‘Catastrophic’ Debt Default: White House Economic Adviser
May 15, 2023
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A key aide to President Joe Biden said Sunday that American business leaders’ chief concern is not inflation or recession but the looming threat of a “catastrophic” government debt default. Lael Brainard, director of the White House National Economic Council, told CBS’ “Face the Nation” on Sunday that the country’s top business leaders have told her…
Biden, McCarthy to Negotiate Debt Ceiling as Default Looms
May 8, 2023
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After months of stalled debt ceiling negotiations, President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) will meet May 9 to discuss possible paths forward to prevent a looming default. Set to take place at the White House, the summit will mark the first such meeting since Feb. 1, and will also include Senate Majority…
The Case for Risking Default on the Debt
February 16, 2023
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Commentary The same old game is starting all over again. The big spenders in Congress and the administrative state are demanding an increase in the debt limit. Republicans aren’t happy about it. They are demanding some fiscal responsibility. The negotiations begin. But the cards are stacked, and why? Because the bad guys in this drama…
Could Washington Default?
Commentary Every few years, Washington approaches a debt ceiling limit, and worries of default multiply. Theoretically, default is possible, but practically speaking, it is never a real possibility. Even in an extended government shutdown, Washington has resources that will allow it to meet principal and interest payments. In this matter, it is critical to realize…
‘Canary in the Gold Mine’: Asset Seizures Could Skyrocket Due to Post-Pandemic Debt Default, Says Bailiff
North Central Bailiffs in Kelowna, B.C., is busy. In fact, as pandemic restrictions and mandates continue to ease, owner Mike Sundstrom has never had more work end up on his desk. From Sundstrom’s vantage point, the industry where he makes his living as a licensed bailiff and licensed sheriff isn’t prepared to handle the massive…
Chinese Property Developer Faces Debt Default Amid ‘Unprecedented Liquidity Pressure’
Evergrande’s debt default last year, kicked off China’s housing market slump that just continues to worsen as widespread COVID-19 curbs weaken buyer confidence and market demand. With tumbling sales, short-term debts, and a lack of offshore refinancing, Chinese property developers are facing a liquidity crisis. Skyfame Realty, a private Chinese real estate developer, had all…
Washington Ends Bond Payment Exemption for Russia, Leading to Fears of Default
May 25, 2022
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Following Washington’s decision to end a key sanctions exemption, Russia’s chances of defaulting on its debts have increased. Back in February 2022, the U.S. Treasury had stated that it would allow Russia to make sovereign bond payments to American investors despite strong financial sanctions imposed on Moscow for its aggressive incursion into Ukraine. But on…
China’s Real Estate Boom Slows, Igniting Fears of a Debt Crisis and Recession
China’s local government revenues and overall economy are dependent on the strength of the housing and commercial real estate sectors. Their combined revenues account for 25 percent of China’s GDP. Efforts to stimulate these sectors over the past decade were successful in attracting foreign investors and fueling the growth of developers. But recent data shows…
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