Source: CNBC – China wonders: Why do we own so much U.S. debt?
In the highest-level statement to date by China, Chinese Premier Li Keqiang has weighed in on the U.S. debt ceiling debate.
Source: BullionStar – The last time the United States declared bankruptcy
For the past week, the news making the headlines in the world economy is whether the United States will default as a result of the debt ceiling not being raised. I surveyed a number of my friends on this topic to see how many think that the United States will default on debt obligations this month. All of them believed that the debt ceiling will be raised and a default will be avoided.
Source: Bloomberg – A U.S. Default Seen as Catastrophe Dwarfing Lehman’s Fall
Anyone who remembers the collapse of Lehman Brothers Holdings Inc. little more than five years ago knows what a global financial disaster is. A U.S. government default, just weeks away if Congress fails to raise the debt ceiling as it now threatens to do, will be an economic calamity like none the world has ever seen.
Source: Bloomberg – U.S. to Default If Debt Ceiling Not Raised, Lew Says
Treasury Secretary Jacob J. Lew said Congress needs to pass a debt-ceiling increase by Oct. 17 or the U.S. will be “dangerously low” on cash and risk defaulting on its payments.