Sunday, July 21, 2024

Janet Yellen: We have the safest financial system, ... if the debt fails it would be absolutely catastrophic


Within 1 minute, Janet Yellen, US Treasury Secretary, said:
“We have the safest and most liquid financial system of any in the world... .
...If raising the debt ceiling would be absolutely catastrophic.”

"The dollar is the world's reserve currency" [amid increasing news indicating that the petrodollar will be replaced by other national currencies]
"US Treasuries are the best asset when there are concerns about some financial development around the world" [on the back of reports that China has cut its holdings of US Treasuries to the lowest level since May 2009].
Later today at 2:00 PM ET, the US prime rate is expected to rise to 5.00%.

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