Soaring U.S. Debt Means Potential for Liz-Truss-Style Market Shock, CBO Warns

Unattended mounting U.S. debt concerns means potential for a Liz-Truss style market chaos, Phillip Swagel, director of the Congressional Budget Office

Now, the U.S. faces a similar risk if the government continues to ignore mounting debt concerns, according to Phillip Swagel, director of the A pound-like crash in the U.S. dollar, a global reserve currency with an outsized role in international finance, could boost demand for alternative assets with a haven appeal like bitcoin and gold. Trading volumes in bitcoin-pound pairsBoth bitcoin and gold may already be pricing in a crisis scenario. Despite elevated interest rates and bond yields worldwide, the two so-called zero-yielding assets have rallied to new record highs above $70,000 and $2,000, respectively.

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