HomeTactical & SurvivalJanet Yellen Claims Debt Default Would “Spark A Global Downturn”

Janet Yellen Claims Debt Default Would “Spark A Global Downturn”

Published on

Weekly Newsletter

To be updated with all the latest news, offers and special announcements.

United States Treasury Secretary Janet Yellen urged Congress on Thursday to raise its debt ceiling. Yellen warned that a US default would produce an “economic and financial catastrophe” that would spark a global economic downturn” and risk undermining the country’s ability to provide global leadership.

Yellen has been increasingly vocal about the debt in recent weeks.

“A default would threaten the gains that we’ve worked so hard to make over the past few years in our pandemic recovery. And it would spark a global downturn that would set us back much further,” Yellen said Thursday in Niigata, Japan, where she is attending a meeting of G7 finance ministers and central bankers. “It would also risk undermining US global economic leadership and raise questions about our ability to defend our national security interests,” she added, according to a report by CNN Business

Some market analysts, such as Gregory Mannarino said that the probability of a debt default is about 50/50. The ruling class in the U.S. could easily use a debt default as an excuse to crash the current system and install the new one.

Prepare For The New System: A “Crisis of Epic Proportions” Is Coming

Yellen said Congress should just raise the debt ceiling since they have done so almost 80 times since 1960. She urged fellow members of the ruling class to act quickly to do so once again. Others, such as former rulers say there should not be a debt ceiling increase.

She spoke a few hours after former U.S. President Donald Trump, the frontrunner for the GOP presidential nomination in 2024, took questions from voters at a CNN town hall. He suggested Republicans should refuse to raise the debt limit if the White House does not agree to“massive” spending cuts. -CNN

“If they don’t give you massive cuts, you’re going to have to do a default, and I don’t believe they’re going to do a default because I think the Democrats will absolutely cave,” he said in response to a question.

According to CNN, in a report published last week, White House economists said a protracted default would wipe out more than 8 million jobs and cut the value of the stock market in half. The report estimated the impact under three scenarios: brinksmanship, a short default, and a protracted default.

Prepping: Foods to Buy For The Upcoming Economic Depression

Read the full article here

Latest articles

Only $300! Bull Pump Shotgun from SDS Imports — NRA 2024

12 Guage Bullpup Feature Articles Industry News NRA 2024 SDS Imports...

Anti-Violence Project Based on Misinformation

Gun rights and safety aren't incompatible, no matter what people say. What is a problem,...

Custom Colt Pythons From Empire! — NRA 2024

.357 Magnum Accessories Colt Python Feature Articles Industry News NRA 2024...

Would You Buy a Wood Stock SIG Cross? — NRA 2024

Cross Rifle Feature Articles Industry News NRA 2024 SIG Sauer ...

More like this

Walther PPK in .32 ACP! — NRA 2024

.32 ACP Feature Articles Industry News NRA 2024 Pistol PPK/S Walther...

Just In Time for Memorial Day Cookouts: ATF Director Grilled at Congressional Hearing

ATF agents cut off the electricity to Bryan Malinowski’s Little Rock home before executing...

Adaptive Target System Shotrocker: Easy Setup Reactive Target

One might think the business of setting up a target is an easy one;...

Gun Rights and Safety Aren’t Incompatible Concepts

The right to keep and bear arms is preserved by the Second Amendment. It...

Summer Precaution: Outdoor Target Shooters Should Take Care Not to Start Wildfires

Here’s something many of us who shoot outside don’t think about too often, but...