There is this notion that America will never face a fiscal crisis of the kind other countries have fallen victim to. This notion is dead wrong. Here is what an American fiscal crisis can look like.
Despite past commitments to bring green manufacturing back to the bloc with a European Sovereignty Fund, the EU only stumped up €10 billion in a radically trimmed-down funding programme.
Politicians are known for two things: they never do what they should, and they always do what they shouldn’t. First, they do not prevent a debt crisis, then they aggravate it.
What happens if we find out that the current U.S. president is so corrupt that he has compromised the integrity of his own government—and maybe even the very security of his own country?
Democrats and Republicans are bickering over the debt ceiling. They will reach an agreement before the June 1st “default” date, but it will only be a stopgap measure. At some point, Congress will face such high costs for its debt that not even the most optimistic investors can trust the U.S. Treasury any longer.
America’s states are supposed to be sovereign jurisdictions. Yet when the federal government is their main source of revenue, how independent are they really?
