Why the US default would be a disaster for the world and a gift for China

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US debt ceiling | US default | global economy | China | renminbi
In this video, I explain why the US debt ceiling crisis is a threat to the global economy and a boon for China. I show how a US default would undermine the US dollar and the US Treasury bonds, which are the pillars of the international financial system. I also discuss how China could exploit this situation to challenge the US as a global superpower and to promote its own currency, the renminbi. I urge you to pressure your politicians to raise the debt limit before it’s too late, and to share your thoughts in the comments below.