▲ 79 ▼ U.S. Treasury has borrowed $155 billion every month of this fiscal year—and is now paying $24 billion a week in interest on its debts (finance.yahoo.com) submitted 4 months ago by yogthos@lemmy.ml to c/usa@lemmy.ml 16 comments fedilink hide all child comments
[–] yogthos@lemmy.ml [S] 4 points 4 months ago (2 children) not the entire world's, just the Western financial system permalink fedilink source parent hideshow 2 child comments replies: [–] Car@lemmy.dbzer0.com 1 point 4 months ago (1 child) Can’t think of many countries which do not participate in the global economy. You don’t need to use the dollar or trade with the US to be affected by a financial crisis outside of your borders. permalink fedilink source parent hideshow 1 child comment replies: [–] yogthos@lemmy.ml [S] 2 points 4 months ago Sure, there will be an effect on many countries, but it's also just going to mean that global economy reorients around trade outside the west. China, in particular, has been actively pursuing a strategy of dual circulation ensuring their domestic economy is the primary driver rather than trade. I imagine once there is a financial crisis in the west, countries in BRICS and ASEAN will increasingly focus their trade on China. permalink fedilink source parent
[–] Car@lemmy.dbzer0.com 1 point 4 months ago (1 child) Can’t think of many countries which do not participate in the global economy. You don’t need to use the dollar or trade with the US to be affected by a financial crisis outside of your borders. permalink fedilink source parent hideshow 1 child comment replies: [–] yogthos@lemmy.ml [S] 2 points 4 months ago Sure, there will be an effect on many countries, but it's also just going to mean that global economy reorients around trade outside the west. China, in particular, has been actively pursuing a strategy of dual circulation ensuring their domestic economy is the primary driver rather than trade. I imagine once there is a financial crisis in the west, countries in BRICS and ASEAN will increasingly focus their trade on China. permalink fedilink source parent
[–] yogthos@lemmy.ml [S] 2 points 4 months ago Sure, there will be an effect on many countries, but it's also just going to mean that global economy reorients around trade outside the west. China, in particular, has been actively pursuing a strategy of dual circulation ensuring their domestic economy is the primary driver rather than trade. I imagine once there is a financial crisis in the west, countries in BRICS and ASEAN will increasingly focus their trade on China. permalink fedilink source parent