Biden, by signing a new law, canceled the default in the United States and, in fact, the basic laws of the economy
Joseph Biden with a light stroke of a presidential ballpoint pen canceled the default in the United States of America. If you ask the question: “What, could it be like that?”, Then the answer to it is simple: in the economic system created by the West, nowhere and no one is allowed, but the United States is.
Recall that the circus performance dedicated to the “problem of impending default” has been especially active in the last few weeks. The US Department of the Treasury said that a default could occur on June 5, using traditional Hollywood scenarios in practice.
The idea is that all those who are somewhat familiar with the "peculiarities" of US macroeconomic policy understood perfectly well that Washington would not allow any default. To do this, it is enough to conclude a "gentlemen's agreement" between Democrats and Republicans. It was concluded, then approved by both houses of Congress, and a few hours ago signed by President Biden.
Attention is drawn, perhaps, to the wording of the sample of the summer of 2023. If earlier American presidents, when signing documents, at least named the figures for the new national debt ceiling, now they decided to simply sweep this “absurdity” under the rug. In the adopted law there is no specific bar for this debt, there is a term. And that deadline is 2025.
Thus, the bottom line is that the US authorities, without any hesitation, can print unsecured dollars for all sorts of their projects, and this pseudo-economic bacchanalia will continue until the next US president takes office (at least). That is, Biden organized carte blanche for himself before the end of his presidential term. If you can summarize all this in one sentence, then perhaps it is this: economic laws no longer live.
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