Treasury Secretary Janet Yellen on Thursday agreed that any default on U.S. debt would cause irreparable harm as well as an ensuing financial crisis and recession. Yellen, asked by a member of the House Financial Services Committee if the damage done by failure to meet the federal government’s debt obligations would be “irreparable,” answered: “Yes.”…
US Default Would Cause ‘Irreparable’ Harm, Yellen Warns Again
October 1, 2021
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Beijing’s Regulators Are Ignorant of Evergrande’s Illegal Conduct: Employee
China’s second-largest property developer Evergrande is on the verge of collapse, causing a massive number of investors and homebuyers to gather at its headquarters—defending their rights. The majority of investors are employees of Evergrande. Ms. Yang (pseudonym), a financial adviser at subsidiary Evergrande Wealth, told the Chinese edition of The Epoch Times that the company…
Health Care Workers Sue Two Louisiana Hospitals Over COVID-19 Vaccine Mandates
Dozens of health care workers are suing two hospital networks in Louisiana over their COVID-19 vaccine mandates for employees, arguing that studies have shown the vaccines do not prevent the transmission of the virus. Lawyers for the plaintiffs said they are seeking temporary and permanent injunctions against vaccine mandates that were handed down by the Ochsner Lafayette…
Evergrande Chairman Gives Pep Talk Despite Global Fears Over Default
The chairman of Evergrande Group showcased his faith in the company to get out of its “darkest moment” as soon as possible. The company will fulfill its promise to deliver under-construction projects to home buyers, Chairman Hui Ka Yan said in a letter to employees on the day of China’s Mid-Autumn festival. Evergrande announced on…
US Treasury’s Yellen: Debt Default Would ‘Permanently’ Weaken America
September 20, 2021
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WASHINGTON—U.S. Treasury Secretary Janet Yellen issued a fresh plea for Congress to raise the federal debt ceiling on Sunday, arguing a default on U.S. debt would trigger a historic financial crisis. In a Wall Street Journal opinion piece, Yellen said that the crisis triggered by a default would compound the damage from the continuing coronavirus…
China Faces Debt Crisis as More State-owned Enterprises Default on Loans
News Analysis The debt crisis of China’s state-owned enterprises (SOEs) has been deepening since 2020. Beijing has recently issued a report to address the issue as several SOEs have defaulted on loans in recent months. The State Council of China recently issued the report “The Guideline on Enhancing Debt Risk Control of Local State-owned Enterprises”…
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