Sunday, July 24, 2011

US threatens world financial system - UK


The British Business Secretary Vince Cable

Source: Press TV
http://www.presstv.ir/detail/190633.html

British Business Secretary Vince Cable says the US congressmen, whose infighting could lead to Washington's default on its supernumerary debt, impose a sizeable threat to the world.

On Sunday, Cable told the BBC that the obstructionists in the Capitol Hill had come to pose a bigger economic threat than the entire troubled eurozone states.

He said “the biggest threat to the world financial system comes from a few rightwing nutters in the American Congress rather than the eurozone.”

Republicans differ from the US President Barack Obama and the Democrats on the period of time the country needs to raise its debt ceiling to fare through the economic doldrums.

The chief executive and his fellow party members have campaigned for a relatively lengthier removal of the cap.

The US officially hit its USD-14.3-trillion debt ceiling on May 16.

Washington owes about 47 percent of its public debt to foreigners. The biggest creditors are respectively China, Japan and the United Kingdom.

The US government could potentially default on its debts on August 2.

Such prospect could lead to increase in interest rates, devaluate the dollar and rattle the economies across the world.

However, the House of Representatives Speaker John Boehner has said he would unveil a bipartisan deal to raise the ceiling.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russian / Ukraine War - (Mar 08th, 2024)

How the Ukraine War Changed the World - (Mar 01st, 2024)

Redacted - Egypt's betrayal of Palestine - Vanessa Beeley

CrossTalk | Magical thinking - (Feb 28th, 2024)

Hillary Clinton Interrupted & Called Out in Berlin

We don’t want war with Israel, but if they impose it on us, we are ready – Hezbollah

ICJ delivers ruling in favour of South Africa

ICJ ruling | Court stops short of ordering Gaza ceasefire, demands that Israel prevent genocide

South Africa's Closing Argument Against Israel for Genocide at the ICJ

Wider Middle East war. US, UK strike Yemen

U.S., UK Start Another Unwinnable War In Yemen

Geopolitical Storm Brewing from Palestine to Ukraine

How the US Global Order is Challenged - With Pepe Escobar (Nov 20, 2023)

Shahid Bolsen - Message to the Israeli people

Roger Waters - To Whom It May Concern: Please Stop.

US policy slowing down China's economy w/ Jeffrey Sachs

Max Blumenthal s destroys RFKJr's outrageous Israelí Propaganda

Totalitarianism, Censorship and Syria with Peter Lavelle, Vanessa Beeley & Kevork Almassian

Putin shows treaty on Ukraine’s neutrality, signed by Kiev but dumped under Western pressure

Assad's speech at the Arab League Summit - what it means for the future of the region

Assad returns to Arab League

HUGE China brokered deal, Iran & Saudi Arabia restore diplomatic ties

Nord Stream pipeline & sabotaging peace w/Jeffrey Sachs

The Tragedy of Ukraine

Historical Events that Led to the Start of the Ukraine Conflict

Your Wars Will Destroy the Planet - Roger Waters

Healthy Athletes suffer Heart Problems After Getting the Jab