White House WARNING: US Stock Plunge 45% & 8M Job Losses Predicted After Debt Default｜AsianQuicktake

Last week, the US Treasury Department announced that as of May 10, the special measures used to pay federal government bills had only $88 billion left, down from about $110 billion a week earlier. Once this $88 billion is exhausted and the debt ceiling is not lifted or suspended, the US could default, as expected by US Treasury Secretary Janet Yellen. On May 12, Yellen further expanded on the expected risk of a US debt default in an interview. She stated, “If Congress doesn’t do it, it really is going to do damage to our credit rating. We must default on some obligations, whether it’s US Treasuries or payments to Social Security recipients,“ adding, “It’s something that’s never been done before since 1789. We shouldn’t do it from now on. So we haven’t talked about how to do it yet.“ When asked whether the US Treasury Department’s hypothetical plan to prioritize payment of US Treasury interest and principal, which has been suggested by many parties, could be implemented, Yellen said, “I was vice chair of the Federal Reserve in 2011 and that plan was never presented to the White House, and it never got approval.“ Yellen has also explicitly rejected the idea of prioritizing debt repayment, believing that it would also be a de facto default. This means that the US Treasury Department must either pay all principal and interest or choose to default on all US bondholders. The scheduled May 12 negotiation between the US Congress and the White House over the latest debt ceiling has been unexpectedly postponed until next week. This further exacerbates market fears of uncertainty and risk over US Treasury bonds in the future. The yield on the one-month US Treasury note, which expires in June, has been soaring in the past two weeks, indicating that an increasing number of global buyers are eager to clear these US Treasury bills that the US Treasury Department may not be able to pay on time before June 1. 💯TOP 3 Video Swiss Sells $36.4 billion U.S. Treasuries ▶ Africa Rejects US’ Blank Check ▶ China to Accelerate Dumping of Up to $800bn U.S. Debt ▶ ━━━━━━━━━━━━━━━━━━━━━ ✅ COPYRIGHT DISCLAIMER Asian Quicktake Doesn’t Fully Own Some of the Materials Compiled in Its Videos. It Belongs to People or Organizations Who Ought to Be Respected. If Used, It Falls Under the Following Provisions: Copyright Disclaimer Section 107 of the Copyright Act 1976. “Fair Use“ is Allowed for Purposes Such As Criticism, Comment, News Reporting, Teaching, Scholarships, and Research. ━━━━━━━━━━━━━━━━━━━━━ ✅ If You Are the Owner of the Materials Used in This Video, Let us Know in the Comments or Send a Email to me. We Will Follow Your Request Immediately. ━━━━━━━━━━━━━━━━━━━━━ ✅ FINANCIAL DISCLAIMER This Channel’s Content Should Not Be Interpreted or Construed As Financial Advice. We Are Not, and Do Not Claim to Be, an Attorney, Accountant, or Financial Advisor. This Channel’s Content is Not a Substitute for Financial Advice and is Solely for Entertainment Purposes.