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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 to c/usa@lemmy.ml
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[–] 1 point 3 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.

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  • [–] [S] 2 points 3 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.

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