MORE DIRE CONSEQUENCES! ONLY $57 Billion Cash Balance in the US Treasury’s Account.｜AsianQuicktake

On May 23rd, the cash balance in the US Treasury’s account was only $57 billion, triggering intense, high-risk, and worrisome debates among lawmakers regarding the US debt ceiling. In the upcoming week, the United States must raise the debt ceiling, or else it will face a historic default, resulting in disastrous consequences for the US economy, finance, and national credit. Based on the statement made by Kevin McCarthy, the Speaker of the US House of Representatives, the current situation suggests that US authorities are leaning towards default rather than seeking an agreement. Janet Yellen, the US Treasury Secretary, reiterated in an interview with NBC on May 22nd that if approval for new debt is not obtained by June 1st, the US may default. This means that the US’s creditors, including China, Japan, and major Wall Street banks, will cease paying interest on US Treasury bonds, and the likelihood of paying all bills before June 15th is “quite low.“ Yellen also warned that a potential default on the debt ceiling would impact the US financial system, potentially leading to bank failures and requiring further bank mergers. This has caused panic on Wall Street as the cracks in the US banking system continue to widen, possibly leading to a more severe banking crisis. The Federal Reserve has signaled a compromise. Federal Reserve Chairman Jerome Powell stated that they would pause interest rate hikes in June due to concerns about banking stability. He said, “Given the tightening of US credit conditions, we may not need to raise policy rates to the levels that would be required under other circumstances to achieve our inflation goal.“ Although the Federal Reserve has taken measures to address issues with medium-sized banks, the banking industry’s troubles may still impact the economy. Powell stated, “Financial stability tools have helped stabilize the banking sector. These problems have also led to tighter credit conditions and may have implications for economic growth, employment, and inflation.“ 💯TOP 3 Video Swiss Sells $36.4 billion U.S. Treasuries ▶ Africa Rejects US’ Blank Check ▶ China to Accelerate Dumping of Up to $800bn U.S. Debt ▶ ━━━━━━━━━━━━━━━━━━━━━ ✅ COPYRIGHT DISCLAIMER Asian Quicktake Doesn’t Fully Own Some of the Materials Compiled in Its Videos. It Belongs to People or Organizations Who Ought to Be Respected. If Used, It Falls Under the Following Provisions: Copyright Disclaimer Section 107 of the Copyright Act 1976. “Fair Use“ is Allowed for Purposes Such As Criticism, Comment, News Reporting, Teaching, Scholarships, and Research. ━━━━━━━━━━━━━━━━━━━━━ ✅ If You Are the Owner of the Materials Used in This Video, Let us Know in the Comments or Send a Email to me. We Will Follow Your Request Immediately. ━━━━━━━━━━━━━━━━━━━━━ ✅ FINANCIAL DISCLAIMER This Channel’s Content Should Not Be Interpreted or Construed As Financial Advice. We Are Not, and Do Not Claim to Be, an Attorney, Accountant, or Financial Advisor. This Channel’s Content is Not a Substitute for Financial Advice and is Solely for Entertainment Purposes.