Commentary The same old game is starting all over again. The big spenders in Congress and the administrative state are demanding an increase in the debt limit. Republicans aren’t happy about it. They are demanding some fiscal responsibility. The negotiations begin. But the cards are stacked, and why? Because the bad guys in this drama…
The Case for Risking Default on the Debt
Could Washington Default?
Commentary Every few years, Washington approaches a debt ceiling limit, and worries of default multiply. Theoretically, default is possible, but practically speaking, it is never a real possibility. Even in an extended government shutdown, Washington has resources that will allow it to meet principal and interest payments. In this matter, it is critical to realize…
‘Canary in the Gold Mine’: Asset Seizures Could Skyrocket Due to Post-Pandemic Debt Default, Says Bailiff
North Central Bailiffs in Kelowna, B.C., is busy. In fact, as pandemic restrictions and mandates continue to ease, owner Mike Sundstrom has never had more work end up on his desk. From Sundstrom’s vantage point, the industry where he makes his living as a licensed bailiff and licensed sheriff isn’t prepared to handle the massive…
Chinese Property Developer Faces Debt Default Amid ‘Unprecedented Liquidity Pressure’
Evergrande’s debt default last year, kicked off China’s housing market slump that just continues to worsen as widespread COVID-19 curbs weaken buyer confidence and market demand. With tumbling sales, short-term debts, and a lack of offshore refinancing, Chinese property developers are facing a liquidity crisis. Skyfame Realty, a private Chinese real estate developer, had all…
Washington Ends Bond Payment Exemption for Russia, Leading to Fears of Default
Following Washington’s decision to end a key sanctions exemption, Russia’s chances of defaulting on its debts have increased. Back in February 2022, the U.S. Treasury had stated that it would allow Russia to make sovereign bond payments to American investors despite strong financial sanctions imposed on Moscow for its aggressive incursion into Ukraine. But on…
China’s Real Estate Boom Slows, Igniting Fears of a Debt Crisis and Recession
China’s local government revenues and overall economy are dependent on the strength of the housing and commercial real estate sectors. Their combined revenues account for 25 percent of China’s GDP. Efforts to stimulate these sectors over the past decade were successful in attracting foreign investors and fueling the growth of developers. But recent data shows…
Russian Default ‘Extremely Likely’ as International Pressure Escalates
The odds of Russia defaulting on its external debts are increasing the longer the war in Ukraine lasts, a broad array of organizations and analysts warn. With the international community applying pressure on Moscow over its invasion of Ukraine, the national economy is poised to contract double digits, prompting the Kremlin to repeatedly employ extraordinary…
Debt Crisis Looms as China’s Housing Market Continues to Slump
The deepening debt crisis at Chinese developers like Evergrande Group, along with Beijing’s efforts to rein in property speculation, has stifled housing demand and hit the country’s economy. The output from the real estate sector fell 2.9 percent year-on-year in the fourth quarter, according to a supplemental report from the National Bureau of Statistics (NBS) on…
Chinese Land Sales Falls Significantly, Deepening Local Government Debt Stress
Chinese government land sales fell significantly through 2021, reversing a six-year streak of gains, as a cash crunch gripped the country’s most indebted developers and worsening local governments’ debt stress. Land sales in 2021 declined over 20 percent on average from a year earlier, with a deeper fall in the main development force of second-…
Shimao’s Default Deepens Concerns Over Cash Crunch in Chinese Real Estate Industry
The Shanghai Stock Exchange briefly suspended trading of one of Chinese property developer Shimao’s bonds on Monday, following Friday’s suspension of trading in the firm’s five other bonds due to severe declines. The trading halt came as Shimao’s unit in Shanghai defaulted on a loan after missing a payment of over $100 million last week,…
US News
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- The Associated PressLAKE WORTH, Fla.—Rapper Tekashi 6ix9ine, whose testimony against his own gang helped convict two high-ranking members, was assaulted by several people at a gym in Florida, officials said Wednesday. An… [...]
- Epoch VideoRep. Pramila Jayapal (D-Wash.) and others hold a press conference at 11:15 a.m. ET on March 23 to announce the introduction of the Healthcare Ownership Transparency Act. [...]
- The Associated PressPARK CITY, Utah—Two daughters of a retired optometrist suing Gwyneth Paltrow are expected to testify on Thursday about the lasting effects of their father and Paltrow’s 2016 ski collision as… [...]
- Lorenz DuchampsNational Security Council spokesman John Kirby announced Wednesday that the United States continues to believe that “an act of sabotage” caused explosions that damaged Russia’s undersea Nord Stream gas pipelines… [...]