Janet Yellen

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146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

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Top executives from 146 major companies in the U.S. — including Morgan Stanley, Goldman Sachs, Nasdaq, and Pfizer — have urged President Joe Biden and congressional leaders to act swiftly to prevent the U.S. from defaulting on its debt, which could occur as early as June 1. They warned of “potentially disastrous consequences” if the … Read more

De-Risking or Decoupling? China- US Bilateral Trade Falls More Than 10% This Year

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Analysts have criticized the new ‘de-risking’ strategy that the U.S. is currently using against China, explained by U.S. National Security Advisor Jake Sullivan in April, clarifying that national security was over economic costs. These de-risking policies might affect bilateral trade, which fell by 11.2% to $217.9 billion during the first four months of 2023. ‘De-Risking’ … Read more

Goldman Sachs, Yellen Warn of US Default’s ‘Catastrophic Consequences’ — ‘There Is Real Risk to US Dollar’

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A Goldman Sachs executive who also serves as the chair of a Treasury advisory committee has warned that a U.S. default poses “real risk to the U.S. dollar.” She stressed: “Anything that moves us away from being viewed as the world’s reserve currency, of being the safest most liquid asset in the world, is bad … Read more

JPMorgan CEO Jamie Dimon in Favor of Abolishing Debt Limit; States Getting Close to Default Can Cause Panic

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Jamie Dimon, CEO of JPMorgan, stated that he favored abolishing the debt limit, giving the government the faculties to extend its debt without congressional action. Dimon also stated that even the drama surrounding the build-up to extending or not extending the debt limit could cause panic, as the U.S. economy is foundational for the world. … Read more

Lawmaker Warns US Default Risks Dollar’s Reserve Currency Status, Exploitation by China and Russia

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The top Democrat on the House Intelligence Committee has warned that China and Russia would seek to exploit the chaos resulting from a U.S. default. He further cautioned that the U.S. dollar’s reserve currency status could be eroded if the U.S. defaults on its debt obligations. U.S. Lawmaker’s Debt Default Warning Congressman Jim Himes (D-CT), … Read more

Fed Chair Warns of ‘Uncertain and Adverse’ Consequences of US Debt Default — ‘We’d Be in Uncharted Territory’

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Federal Reserve Chairman Jerome Powell has warned of “highly uncertain and adverse” economic consequences if the U.S. defaults on its debt obligations. “No one should assume that the Fed can protect the economy from the potential short and long-term effects of a failure to pay our bills on time,” he further cautioned. Fed Chair Jerome … Read more

Standard Chartered Analyst: BTC to Surge by $20,000 if the US Defaults on Debt Obligations

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Geoff Kendrick, the head of forex research at the banking institution Standard Chartered, recently said that the price of bitcoin is likely to jump by $20,000 in the event of the United States defaulting on its obligations. According to Kendrick, while bitcoin is likely to surge when the U.S. defaults, other cryptocurrencies like ethereum are … Read more