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The USA is on the verge of a default. If Washington
politicians do not come to an agreement on raising the debt ceiling,
this pessimistic scenario can become reality in a few days, for the
first time in the history of that country. The head of the IMF Christine
Lagarde has declared that the global economy will feel the consequences
of this. The confrontation between US President Barack Obama and the
Republican majority in the Congress has reached its peak. The global
financial system has become a hostage of political squabbles in the US
Congress, Garegin Tosunian points out:
“The financial
market cannot be completely insured against any force majeure. However,
if we analyze today’s situation in the USA we can see that it is just a
political struggle. If we remember the previous years, opposing parties
often agreed to increase the state debt sum, but can this go on
forever?”
Still, GareginTosunian believes that a
technical default in the USA is hardly likely. On the other hand, he is
convinced that in any case Washington’s monopoly in the global economy
and finance is coming to an end:
“Even if there is no
announcement of a default, which I believe will be the case, the
current situation in the world is pushing the dollar and the US monopoly
to the ditch of the global economic space. The influence of the US
currency will be gradually dropping and the USA will not be able to
consider itself the only country dictating its conditions to the whole
world. The euro, which appeared over 10 years ago as a competitor to the
dollar, is the proof of this. Today’s forex resources, at least in
Russia, are commensurable to the dollar and the euro.”
The
head of the parliamentary Committee on the Economic Policy and
Enterprise Yevgeny Fyodorov has a similar opinion. In his interview for
the Voice of Russia he noted that the USA may lose the title of the
world’s largest economy. This is obvious because the USA is buying more
than it is selling and the state expenditure is higher than tax
revenues, so the government is constantly borrowing money, Yevgeny
Fyodorov says:
“America’s political monopoly provides
for its economic monopoly. The default actually means that the
Americans are living beyond their means. Using their political influence
they as good as rob other countries. 4.5% of the world population
consume 40% of the global GDP. I do not believe that the Americans will
ever pay their debts.”
The whole world is watching
America at the moment. If the state debt level is not raised the
government will have no money for current expenses. Foreign debt
interests will grow and the stability of state bonds and the US dollar
will be up in the air. In this context, many experts predict a new wave
of the global financial crisis, compared to which the 2008 tsunami will
seem a caressing wave.
Interestingly, some analysts
insist that such a shake-up is what the global economy needs right now.
It will facilitate the transition from old economic models to new ones.
Incidentally, many countries, Russia included, have already put forward
proposals about dismantling the unidirectional political and economic
arrangement of the world. These proposals include establishing new
reserve currencies, regional ones as well, that will be controlled by
the whole of the global community, rather than one country. In that case
we can expect a real competition between currencies and economies
instead of new crisis balloons threatening the whole world.
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