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The global economy faces tremendous trials in the coming years: growth, employment, and distributional challenges in many advanced and developing countries; far-reaching institutional reform in Europe; the complex middle-income transition in China; and the continuing need to reduce poverty worldwide. Managing them effectively requires designing a system of global governance in which one country’s internal politics cannot jeopardize all countries’ prospects.
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The recent political standoff that shut down the US government for 16 days and came uncomfortably close to the debt ceiling extension deadline is now thankfully over — for the moment. Given the current deal only extends the debt ceiling to February 7 (and the budget to January 15), it marks the end of one round of an ongoing battle. In the words of Republican Senator Marco Rubio, “This fight is not over. It’s really only just begun."
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Arabian Gulf economies are well placed to weather the fallout from an American financial crisis if US authorities yet again face the same impasse that threatened global financial markets this week, a leading analyst says.
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Bitcoin’s resiliency can no longer be denied, especially as the digital currency continued its ascendancy even against the backdrop of a US government in utter disarray. At the 11th hour of the crisis, President Obama signed a bill that ended the partial government shutdown and, more importantly, raised the debt ceiling, an arbitrary limit on the amount of money the country can borrow that would have been surpassed today. If Congress had failed to reach a deal and the US was unable to pay its bills, the results might have been catastrophic, eclipsing the bankruptcy of Lehman Brothers five years ago, the domino that could trigger the worst financial crisis since the Great Depression.
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A Chinese ratings agency downgraded its US sovereign credit rating Thursday despite Washington's resolution of the debt ceiling deadlock, warning that fundamentals for a potential default remained "unchanged".
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US shutdown: Congress pulls back from the brink
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The failure to reach a debt ceiling deal could push the world’s biggest economy into default, and threaten the well-being of other countries, most directly Canada, which ships most of its goods to the U.S.
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The president of the World Bank, Jim Yong Kim, has warned that the United States is just "days away from a very dangerous moment" because of the government's borrowing crisis.
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WASHINGTON — Leaders at World Bank and International Monetary Fund meetings on Sunday pleaded, warned and cajoled: the United States must raise its debt ceiling and reopen its government or risk “massive disruption the world over,” as Christine Lagarde, the fund’s managing director, put it.
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The International Monetary Fund's policy committee said the United States needed to take "urgent action" to address the budget impasse that has blocked approval of legislation to increase the government's borrowing limit before a fast-approaching Thursday deadline.
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The dollar is the world’s go-to currency. But for how much longer? Will the dollar’s status as the only true global currency be irreparably damaged by the battle in the US Congress over raising the federal government’s debt ceiling? Is the dollar’s “exorbitant privilege” as the world’s main reserve currency truly at risk?
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The Treasury is warning that the economy could plunge into a downturn worse than the Great Recession if the country defaults on its debt obligations.
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AS THE government shutdown has metastasised into a crisis about the US debt ceiling, a dark narrative has been playing endlessly inside my head. For the social and political divisions that have been revealed over these past few weeks may well be harbingers of greater crises ahead.
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Discussions of a possible US default have dominated the news cycle for the past few weeks. This is now the second time in as many years that debates over the debt ceiling have pushed the boundaries of the US government’s borrowing infrastructure.
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Discussions of a possible US default have dominated the news cycle for the past few weeks. This is now the second time in as many years that debates over the debt ceiling have pushed the boundaries of the US government’s borrowing infrastructure.
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Shares in New York fell sharply on Thursday after the US Treasury warned that the budget fight between Republicans and Democrats in Washington risked plunging the world's biggest economy into its worst slump since the Great Depression.
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The new fiscal year began on Oct.1, at which point the government shut down without an authorized discretionary spending bill. But that’s only half the issue. The other half: the impending breach of the debt ceiling and the possibility that mandatory programs will go without the funding they are legally allocated. Confused? It’s understandable. Here are 10 things to explain the debt ceiling.
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From
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Even some Republicans are queasy about maybe having pushed things too far, and the early signs are that public opinion is on the side of the Democrats. Some of the conservative criticisms of Mr. Obama’s policies, the health care overhaul in particular, seem based more on emotion and perception than on fact; it is hard to sustain an argument that the program amounts to socialism when it is built around competition among corporate insurers for the business of individuals and companies. Under Mitt Romney, the 2012 Republican candidate for president and a self-professed conservative, the state of Massachusetts implemented a health care plan almost identical to what Mr. Obama signed into law on the national level.
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
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