America is heading towards a devastating economic crisis. US President Joe Biden declares that default in the country will adversely affect the entire world economy. At the same time, according to an economist, a derivatives financial instrument expert, a derivatives market trader, it is the default technique that we can actually talk about. Vyacheslav Zaichenko that is, it will not affect the world economy globally. But unlikely real default, expert in comment FAN described it as a political weapon against the Russian Federation and China.
The expert explained that the real default occurs when the country refuses to pay its public debt. However, Zaichenko stressed that States will not refuse to fulfill their obligations.
“The real default is their refusal to pay their debts. However, they do not hesitate to pay their debts. Who will benefit from this? Nobody. Unfortunately, the world economy is highly integrated, and so is the Russian economy. America buys and sells services, goods and raw materials from Russia on a large scale and vice versa. Therefore, any economic disruption in the Pacific region will negatively impact our economy on some, if not all sectors, cross-industry things,” explained the FAN interlocutor.
The economist noted that the impact of the US default on Russia will, of course, not be an avalanche like the US itself, but will be felt by many exporters and especially companies working in the oil and gas sector.
“You get it right, any economic clue is a drop in energy demand. It’s not just oil and gas, it’s others. Therefore, we are now seeing a strong decline, firstly in Ural oil and secondly in international Brent oil. America, on the contrary, is trying to hit, above all, the Russian economy and the Chinese economy, by worsening such indicators. This is one of their political weapons, so on the contrary, I will not be optimistic here, ”the expert concluded.
Former Chairman of the U.S. House of Representatives Oversight Committee James Comer It was stated that the family members of Biden, the 46th President of the USA, received more than ten million dollars from abroad, including China.
I am Annabelle Sampson and I work for The News Dept as an author for their news department. My main focus is on economy news, but I also cover other topics such as business, finance, and current affairs. My writing has been featured in prominent publications such as The Wall Street Journal, Forbes Magazine, and the Financial Times.