Showing posts from May 14, 2023

Will oil markets defy a potential US debt default?

  US Debt Crisis - 2023 With just ten days to go before the D-day, the decisive day or more aptly called default day, not only does the US place its reputation on the line, but also inadvertently pushes the rest of the world to the brink. Unless an agreement is reached between the two major parties in the US, the  Republican Party and the Democratic Party, over the new borrowing limit, the US government will run out of cash at the very beginning of June; with that, the government will not be able to pay its bills, wages of employees , welfare payments  and of course, the  existing debt. If it comes to that, the US, the world's largest economy and the only Superpower, will default on its debt for the first time in its history. President Biden, in this context, wants to avoid it, as it may go down in history as 'Biden Default'; politicians do not want to leave toxic legacies behind when they leave office and President Biden cannot be the only exception. As of May, 2023, the n

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