Kenyan presidential hopeful William Ruto promised on Wednesday that if elected, he will make all Kenyan government contracts with China public, and move aggressively to deport Chinese nationals working illegally in Kenya.
The British government has insisted it has no idea how much debt it owes to foreign states, including effectively hostile powers such as Russia and Communist China.
South Korean President Yoon Suk-yeol held a fiscal strategy meeting at a university near Seoul on Thursday. Yoon said it was time to “wake up from the fantasy of fiscal universalism” and realize that unlimited government spending is not the way to nourish a healthy economy.
The Biden White House announced on Monday that Russia defaulted on its international bonds for the first time in over a century, ostensibly because the pressure of international sanctions is crushing the Russian government financially.
While the Chinese government insists its economy is recovering swiftly from the latest round of coronavirus lockdowns, foreign analysts on Monday pointed to more signs of serious distress, including a trillion-dollar funding shortfall, banks freezing up, and regulators pointing fingers of blame at each other.
The U.S. will close the last avenue for Russia to pay its billions in debt back to international investors on Wednesday, making a Russian default on its debts for the first time since the Bolshevik Revolution all but inevitable.
The Committee for a Responsible Federal Budget has analyzed the cost of cancelling student loan debt after Joe Biden indicated he is open to the idea. It called the plan “inflationary” and bad policy.
According to a report published by the Green Finance and Development Center at Fudan University in Shanghai this weekend, the world’s poorest nations will pay China almost $14 billion in 2022 to service their debts.
Sen. Mitch McConnell (R-KY) on Tuesday told reporters he will run for the Republican Senate leadership position again after the 2022 midterms.
Sri Lankan President Gotabaya Rajapaksa on Sunday asked Chinese Foreign Minister Wang Yi to restructure payments for the roughly $5 billion Sri Lanka borrowed from China to build wasteful and unproductive projects under China’s Belt and Road Initiative (BRI). Critics describe BRI as a form of colonialism, a “debt trap” set by imperialist China for Third World countries, and Sri Lanka often serves as Exhibit A for the prosecution.
The UK government has continued its spending and borrowing spree, with the state borrowing £136 billion over the fiscal year to November.
Rep. Jim Banks (R-IN) said in a statement Monday that Republicans should oppose any funding bill that fails to address President Joe Biden’s crises, such as inflation, open borders, and the soaring debt.
Rep. Tom Tiffany grilled Attorney General Merrick Garland at a House Judiciary Committee hearing on basing federal loan forgiveness on race.
The impending collapse of China’s gigantic Evergrande Group real estate company caused a tumble at the stock market on Tuesday for other Chinese property developers. Even investors in completely unrelated markets are growing nervous about what the implosion of such a huge company could do to banks in China and around the world – and what it could mean for Beijing’s geopolitical agenda.
Analysts from the China Africa Research Initiative (CARI), a Johns Hopkins University project to study China’s political and economic influence among African nations, said on Tuesday the African nation of Zambia owes $6.6 billion to China – more than double the amount claimed by former President Edgar Lungu.
President Joe Biden has continued pushing a new White House talking point that claimed his $3.5 trillion spending agenda actually cost “zero dollars.”
Sen. Chuck Schumer (D-NY) has set a Monday vote to avoid government shutdown, though not enough “yes” votes have signaled they intend to pass the measure.
Americans will blame Democrats and not Republicans for the impending debt default and possible shutdown, a Wednesday Morning Consult/Politico poll revealed.
On Saturday’s broadcast of “Fox News Live,” Sen. Bill Hagerty (R-TN) argued “we need to begin to bend the curve back” on spending and that he believes conservatives in Congress will take “a very strong stand” on raising the debt
On Friday’s “PBS NewsHour,” New York Times columnist David Brooks said that while he agrees with the direction of President Joe Biden’s budget plan there is a real threat of inflation and too much debt, and that inflation would impact
During an interview with CNN on Thursday, Sen. Joe Manchin (D-WV) said that he’s concerned about President Joe Biden’s push for bigger government, specifically its large price tag and concerns that it could stifle economic growth in the future. CNN
Britain has seen its budget deficit rise during the coronavirus pandemic to its highest level since 1946, official figures showed Friday.
Two groups of liberal-progressive Tories are pressuring Boris Johnson to “follow President Biden’s lead” and give all young people £500 in coronavirus recovery funds, which would cost the taxpayer an estimated £2.8 billion.
The CBO said that by the end of 2021, federal debt held by the public is projected to equal 102% of GDP. By 2051, it will be 202% of GDP.
A Michigan church is celebrating being debt-free after paying off its more than $2 million mortgage in a short amount of time.
An oncologist has lifted the crushing weight of medical debt off the shoulders of almost 200 cancer patients in Pine Bluff, Arkansas.
Sen. Rand Paul (R-KY) blasted the $2.3 trillion government spending bill — $900 billion of which is dedicated to coronavirus relief — criticizing Republicans for voting to print money with impunity. He warned Congress is essentially perpetuating lockdowns by handing money to states with leaders implementing rules that are “arbitrary and unscientific.”
The Financial Times (FT) reported on Friday that China’s currency, the renminbi, had its biggest rally in 15 years, driven by increased foreign demand and “rising expectations that a Joe Biden victory in next month’s U.S. presidential election could help reset relations between the two superpowers.”
The U.S. government’s debt owed to the public will exceed GDP for the first time since World War II.
LONDON (AP) — Britain’s government debt has breached the 2 trillion-pound ($2.6 trillion) mark for the first time after heavy borrowing to support the economy during the coronavirus pandemic.
The UK economy is heading for the ‘recession to end all recessions’ with GDP predicted to plunge by nearly one third this quarter.
Tanzanian President John Magufuli on Wednesday called for international lenders, particularly the World Bank, to forgive existing African loans instead of offering new loans to help rebuild the continent’s economies after the Wuhan virus pandemic.
Families in the Cincinnati, Ohio, area are breathing a huge sigh of relief thanks to a church’s recent partnership with a nonprofit based in New York.
An eight-year-old boy went the extra mile to help out his classmates by selling key chains to raise money to erase their school lunch debt.
Lebanese security forces detained at least a hundred demonstrators on Thursday as Lebanon’s long-running but mostly peaceful anti-government protests turned violent for the second night in a row. Dozens of people were reportedly injured in clashes with the police.
A kindergartner in San Diego County, California, is being recognized for her act of kindness toward her fellow students.
A church in Virginia recently helped pay off $18,000 worth of its neighbor’s school lunch debt in Stafford and Spotsylvania Counties.
A church and a non-profit group have teamed up to pay off a large amount of their community’s medical debts.
A Florida man paid off the school lunch debt for more than 400 children at nine different schools after learning that students were not being served a full meal in their school cafeterias.
Sen. Bernie Sanders (I-VT) revealed another piece of his plan to overhaul the health care system in America on Saturday, teasing his proposal to cancel $81 billion in past medical debt.
