Harvard economics professor Kenneth Rogoff has warned that the U.S. defaulting on its debt obligations could spark a global financialcrisis. default debtceiling
Harvard economics professor Kenneth Rogoff, who previously served as the chief economist at the International Monetary Fund , has warned that the U.S. defaulting on its debt obligations could spark a global financial crisis. “It’s a very perilous situation and we are in unknown waters,” he warned.Harvard economics professor Kenneth Rogoff shared his view on the U.S. economy, a possible U.S.
Absolutely. The risks exist anyway but if this worsens, it could pose a global financial crisis. I hope it won’t come to that — but it’s a very perilous situation and we are in unknown waters. He cautioned: “Typically, these negotiations do get resolved at midnight but there is a two to three percent chance at the moment here that we will discover what a U.S. default looks like.”Rogoff further detailed that the U.S. has “defaulted” in the past but “in a different way.” One example was in the early 1930s when American debt used to be payable in gold. President Franklin Roosevelt changed the gold price from $20 to $35.
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