First 'Default' In US History Is Comming

How to protect yourself from the greatest threat to the dollar as the world's store of value

Photo by Andre Benz on Unsplash

“I don’t want to think what the outcome might be, because the consequences would be too dire” — Joe Biden

These were the warnings of the president of the USA Joe Biden before the possible default that he would face on October 18. This will happen if you don’t get the 10 votes you need in the Senate to suspend or delay the debt ceiling.

It has not been only the president of the United States who has warned of this danger. The US Secretary of the Treasury, Janet Yellen, has also warned that if the limit is not suspended, the US economy, and therefore the global economy, would suffer irreparable damage that would send the world into a deep financial crisis. This extreme situation already happened in 2011 and 2013 during the Barack Obama administration. It is true that at that time the country was still recovering from the crisis of 2008, and it was easier to get all parties to agree.
Yellen also added that if the debt limit was not raised, the government would…