AnalysisEconomy / FinanceNorth America

U.S. Economy Will Not Collapse, U.S. Might Use Credit Default to Attack Competitors


On May 22, U.S. Treasury Secretary Janet Yellen warned that the country may be unable to service its debt by June 1 unless Congress raises its ceiling or suspends it. In turn, Joe Biden ruled out the declaration of default. At the same time, despite all the predictions of doom and gloom, the U.S. could benefit from a default, especially to wreak havoc on the international economy and competitors. In the U.S., the amount of public debt is limited by law. Currently, it has reached $31.8 trillion. It is up to the U.S. Congress to raise the national debt ceiling,…

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