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Keyword: default

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  • The US will not default in October: Even if Congress does not increase the debt ceiling next month

    09/29/2021 7:51:05 AM PDT · by SeekAndFind · 24 replies
    American Thinker ^ | 09/29/2021 | Cliff Spectre
    Politicians are making the claim that if the United States Congress does not increase the debt ceiling next month the United States will default on its credit payments. This is not true. It will not happen unless the people in charge want it to. This is not hard to understand, and I will explain.Estimated US tax revenue for fiscal year 2021 is 3.863 trillion dollars. That amounts to a little over 321 billion dollar per month.In fiscal year 2020 the government spent 6.55 trillion dollars.These are the 10 biggest expenditures by category.Even when the debt limit is reached the government...
  • China's Evergrande Group, World's Largest Developer: Mobs Of Angry Evergrande Homebuyers And Employees Begin To Protest Over Soaring Probability of Default

    09/10/2021 9:03:48 PM PDT · by SeekAndFind · 21 replies
    ZUBU Brothers: Market Knowledge Services ^ | 09/10/2021 | Tyler Durden
    In two separate protests, mobs of China Evergrande Group customers and employees demonstrated this week as the world's largest developer faces soaring probabilities of default. According to Bloomberg, the first demonstration was held in Guangzhou as more than 100 homebuyers attended a demonstration in front of the Nansha district's housing bureau Thursday wearing shirts that read "Resume construction, Evergrande." Many of these customers are becoming increasingly angry as multiple large condominium projects have been halted for months, including the massive 5,000 apartment complex called Evergrande Peninsula since May. The developer is stuck between a rock and a hard place as...
  • Yellen: US on track to default on national debt in October

    09/08/2021 8:01:09 AM PDT · by ChicagoConservative27 · 46 replies
    The Hill ^ | 09/08/2021 | Sylvan Lane
    Treasury Secretary Janet Yellen on Wednesday warned congressional leaders that the U.S. is on track to default on the national debt in October if the White House and Congress are unable to raise the debt limit. In a Wednesday letter, Yellen said that the Treasury Department would likely run out of cash and exhaust “extraordinary” measures to keep the federal government within its legal borrowing limit at some point next month. "Once all available measures and cash on hand are fully exhausted, the United States of America would be unable to meet its obligations for the first time in our...
  • China Faces Debt Crisis as More State-owned Enterprises Default on Loans

    04/20/2021 8:05:47 PM PDT · by SeekAndFind · 53 replies
    Epoch Times ^ | 04/20/2021 | JENNIFER ZENG AND KATE JIANG
    The debt crisis of China’s state-owned enterprises (SOEs) has been deepening since 2020. Beijing has recently issued a report to address the issue as several SOEs have defaulted on loans in recent months. The State Council of China recently issued the report “The Guideline on Enhancing Debt Risk Control of Local State-owned Enterprises” on March 28. Beijing requires state-owned firms to create the following: a mechanism to identify and monitor debt; a mechanism to control debt; a mechanism to support the life cycle of a bond; and a long-term mechanism for debt risk management. In the same month when the...
  • More Pain Ahead for Chinese Bond Market: Stability has been shattered by a recent spate of defaults by major Chinese state-owned companies.

    11/29/2020 1:13:03 PM PST · by SeekAndFind · 12 replies
    Epoch Times ^ | 11/29/2020 | Fan Yu
    This isn’t as much hyperbole as it sounds: the main reason investors bought bonds issued by Chinese state-backed companies is an implicit guarantee from default by the local or provincial government. That belief has been shattered by a recent spate of defaults by major Chinese state-owned companies. Yongcheng Coal and Electricity Holding Group, a state-owned coal company, defaulted on a $152m bond in November. At the time of the default, Yongcheng was a AAA-rated company by Chinese domestic credit rating agencies. This became, pun unintended, the proverbial canary in the coal mine. Shortly thereafter, Tsinghua Unigroup, a state-backed technology company...
  • Tensions in the Chinese Bond Market As State Owned Companies Default: Chinese 10 Year Yield Premium Over US Treasuries Hits Record High

    11/19/2020 7:35:00 AM PST · by SeekAndFind · 7 replies
    USSA News ^ | 11/19/2020 | Tyler Durden
    With US Treasury yields capped around 0.90% amid concerns that in the absence of fiscal stimulus the Fed will need to step in with more easing (either in the form of extending QE maturities, or an outright expansion in QE), China is facing a different set of challenges and following the recent rout in the bond market following several unprecedented SOE defaults, overnight the Chinese 10Y yield rose another 2bps to 3.36%, and almost 90bps from the all time low of 2.48% hit in April.As a result, the premium for China’s 10-year government bonds over U.S. Treasuries of same duration...
  • Coronavirus economic threat -- A mortgage industry calamity is looming

    04/15/2020 7:14:25 AM PDT · by littleharbour · 35 replies
    Fox Business ^ | April 15, 2020 | FoxBusiness
    Under the CARES Act, Congress has invited millions of Americans to stop paying their mortgages. The impact of this massive unfunded mandate is that the U.S. financial system is headed for a potential default when the cash flow expected from millions of Americans does not arrive.
  • The Economic Disaster Media And Washington Haven’t Begun To Notice

    03/23/2020 10:46:59 AM PDT · by Kaslin · 44 replies
    The Federalist ^ | March 23, 2020 | Christpher Bedford
    https://thefederalist.com/wp-content/uploads/2020/03/Trump-Mnuchin-And-Cabinet-Meet-With-China.-White-House.-Shealah-Craighead.-e1584750455621-998x649.jpg> Just beyond -- and in the midst of -- the public health and financial liquidity crises is the expansive and potentially devastating solvency crisis. The U.S. economy is in trouble, and if you can believe it, that trouble isn’t simply the closure of Main Street, the massive number of nationwide layoffs, and the danger of financial crisis we’ve all heard about. As companies run out of cash, pushing them toward insolvency, our country’s business-to-business trust is at risk of coming apart — tearing and ultimately collapsing the delicate system that keeps industries as diverse as farming, chemicals, and aluminum...
  • How America’s Looming Debt Crisis Could Spark The Next Great Awakening

    01/16/2020 9:29:41 AM PST · by SeekAndFind · 33 replies
    The Federalist ^ | 01/16/2020 | Lewis M. Andrews
    The total of U.S. federal, state, and local debt, in combination with future spending commitments, foreshadows the most predictable financial disaster in human history. Washington’s obligations, growing at an estimated $1 trillion annually, now exceed $23 trillion, while neither of America’s two largest entitlement programs, Social Security and Medicare, are on sound footing.Going down to the state and local levels, a May 2018 report by Harvard’s Kennedy School of Government reveals that public pension funding in New Jersey and Kentucky is already at “high risk of insolvency,” with California, Connecticut, Massachusetts, Illinois, Pennsylvania, and several large cities close behind....
  • Argentine Peso Collapses as Macri’s Re-election Chances Drop

    08/13/2019 10:37:26 AM PDT · by C19fan · 11 replies
    Reuters ^ | August 12, 2019 | Staff
    Argentina’s currency collapsed on Monday and stocks and bonds crashed to a degree not seen in 18 years as voters flirted with a return to interventionist economics by snubbing President Mauricio Macri and his market-friendly approach in favor of the opposition in the country’s primary vote on Sunday. The Argentine peso initially dropped 30.3 percent, to a record low of 65 per one United States dollar, after Alberto Fernández, the opposition candidate whose running mate is Cristina Fernández de Kirchner, the former president, dominated the primary by a 15.5 percentage point margin that was much wider than expected. The currency...
  • HELP-Anyone know or have info on this law? Legit

    04/04/2019 8:10:22 PM PDT · by Kevin in California · 45 replies
    04-04-2019
    I'm referring to the Credit Card Accountability, Responsibility,and Disclosure Act of 2009. Been doing some searches on the web and it appears to be legit. Anyway, got a letter the other day that was labeled my Certified Benefits Statement which says I'm eligible for a 65% reduction of my past due debt. Says my benefits must be redeemed by midnight, April 2th. Anyone familiar with this law?
  • Trump's Shutdown Trap

    01/15/2019 8:52:14 AM PST · by Jonty30 · 33 replies
    Has Trump suckered the Democrats and deep state into a trap
  • He had $55,000 in student loans, now he owes $330,000 ... Here's how it happened

    05/06/2018 10:57:14 PM PDT · by Wally_Kalbacken · 46 replies
    MSN.COM/CNBC ^ | 5/6/2018 | Annie Nova
    Rick Tallini didn't worry much about the $55,000 in federal student loans he took out for law school in the 1990s. His future seemed bright. Yet in the decades since he graduated, he's struggled to find employment and pay the bills. His original student loan balance, meanwhile, has soared to well over $300,000. "They'll tack this thing to my coffin at this point," Tallini, 61, said.
  • HNA Real Estate Group Misses Payment

    02/07/2018 8:28:27 AM PST · by RinaseaofDs · 23 replies
    Nasdaq ^ | 2/7/2018 | Reuters
    BEIJING/SHANGHAI, Feb 7 (Reuters) - An HNA Group company has failed to make an early payment it had agreed to on a 1.7 billion yuan ($271.9 million) trust product that falls due next week, two sources with direct knowledge of the situation said, the latest indication of financial stress at the highly leveraged conglomerate.
  • FISCAL CLIFF IN DECEMBER 8

    11/26/2017 8:02:14 AM PST · by spintreebob · 9 replies
    Fedweb.com ^ | 9/12/2017 | Charles S. Konigsberg,
    Disaster/CR/Debt Bill Postpones Fiscal Cliff to Dec. 8, 2017 On Sept. 8, 2017 President Trump signed HR 601, an emergency measure negotiated with congressional Democratic leaders... all the “no” votes being Republican. The bill has four components: 1. Provides $15.25 billion in emergency supplemental appropriations ... 2. Extends the National Flood Insurance program... 3. Suspends the debt ceiling through December 8, 2017, temporarily avoiding a Treasury default on U.S. obligations; and 4. Provides continuing appropriations
  • Default day looms for cash-strapped Venezuela

    11/12/2017 3:22:38 AM PST · by BeauBo · 18 replies
    Daily Times ^ | NOVEMBER 11, 2017 | Agencies
    Venezuela slipped inexorably towards a formal debt default Friday, with analysts saying it was all but inevitable for the sinking OPEC state... “One way or another, the government and PDVSA will default. We are in the end-game and it’s now become a matter of days, not weeks, until default is confirmed,” Edward Glossop of Capital Economics said in a note. A default would immediately cut Venezuela off from international financial markets, removing its capacity to borrow. Greatly complicating its situation, Washington has banned it from any new debt transactions in the US market.
  • Hillary Clinton Robbed Bernie Sanders Of The Democratic Nomination, According to Donna Brazile

    11/02/2017 8:52:53 AM PDT · by 2ndDivisionVet · 78 replies
    Newsweek ^ | November 2, 2017 | Greg Price
    Hillary Clinton’s campaign took over the Democratic National Committee's funding and day-to-day operations early in the primary season and may have used that power to undermine her rival Senator Bernie Sanders, according to the party's one-time interim chairwoman. The DNC official, Donna Brazile, now a political analyst, wrote in Politico Magazine on Thursday that she discovered an August 2015 agreement between the national committee and Clinton’s campaign and fundraising arm that gave Clinton “control (of) the party’s finances, strategy, and all the money raised” in exchange for taking care of the massive debt leftover from President Barack Obama’s 2012 campaign....
  • After a historic default, Argentina is a far cry from its past

    10/24/2017 2:54:17 PM PDT · by Jagermonster · 8 replies
    The Christian Science Monitor ^ | October 24, 2017 | The Monitor's Editorial Board
    SHIFT IN THOUGHT   In a world awash in red ink, Argentina’s reforms since 2015 show how attitudes can shift toward excessive debt. The world’s largest economies are awash in red ink, the International Monetary Fund reported in October. And they are hard-pressed to service their debts, which on average amount to more than twice their domestic output. China accounts for much of this global rise in debt. After a leadership reshuffle this week, Beijing may start to finally tackle the problem. But one country in particular, Argentina, has shown how to change attitudes and turn around an unhealthy dependence...
  • Spotting the Losers: Seven Signs of Non-Competitive States (This is great!)

    09/02/2017 8:26:12 AM PDT · by RoosterRedux · 31 replies
    ssi.armywarcollege.edu ^ | 1998 | LTC Ralph Peters
    When you leave the classroom or office and go into the world, you see at first its richness and confusions, the variety and tumult. Then, if you keep moving and do not quit looking, commonalties begin to emerge. National success is eccentric. But national failure is programmed and predictable. Spotting the future losers among the world's states becomes so easy it loses its entertainment value. In this world of multiple and simultaneous revolutions--in technology, information, social organization, biology, economics, and convenience--the rules of international competition have changed. There is a global marketplace and, increasingly, a global economy. While there is...
  • McConnell: 'America is not going to default'

    08/21/2017 7:30:01 PM PDT · by Olog-hai · 30 replies
    Associated Press ^ | Aug 21, 2017 4:23 PM EDT | Adam Beam
    Senate Majority Leader Mitch McConnell says there is “zero chance” Congress will allow the country to default on its debts by voting to not increase the borrowing limit. McConnell’s comments came Monday during a joint appearance in his home state of Kentucky with U.S. Treasury Secretary Steven Mnuchin. It was one of McConnell’s first public appearances since President Donald Trump publicly criticized him for failing to pass a repeal and replacement of former President Barack Obama’s health care law. McConnell did not mention Trump in his remarks, and he did not take questions from reporters after the event. But in...