Despite the Fed's efforts, the U.S. federal debt remains alarmingly high, reaching nearly $32 trillion, equivalent to 121 percent of U.S. GDP. In this high-interest-rate environment, the net interest cost of the U.S. federal debt surged by 41 percent last year, posing further challenges to the debt-ridden economy. The sell-off of U.S. Treasuries by multiple countries and the growing banking crisis expose the vulnerabilities of the U.S. economy and challenge its hegemonic position. The U.S. debt economy model heavily relies on major global monetary authorities' purchases, highlighting the urgent need for a more just and sustainable global order.
01 July 2023
END of DOLLAR DOMINANCE! China Dumps $450 Billion US Debt, Yellen Questions Dollar's Status.
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