.NoahCRothman: Slowly at first, then all at once. That's how a debt crisis would unfold.
That’s how a debt crisis would unfold: slowly at first, then all at once.
Not that higher rates by themselves will shake the public out of its sense of complacency when it comes to America’s ballooning debt. That would take a shock. But such an event isn’t unimaginable.estimates today that global central banks maintain about 60% of foreign exchange reserves in U.S. dollars. And 90% of transactions in foreign exchange markets are conducted in dollars.
The U.S. benefits tremendously from this privilege, and our near-peer competitors abroad resent it. Russian President Vladimir Putin has long lobbied for the creation of a parallel reserve currency that would bundle Russia’s ruble with the currencies of regional powers like Brazil, South Africa, India and China. Russia is in bad odor these days, but the desire abroad for a competitor to the dollar is widespread.
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