29
07/11
22:49
U.S. financial collapse would be a disaster for the world
A collapse of the U.S. financial system would be unacceptable, as it affects not only the United States, but other countries as well. The United States, the largest economy in the world, is one of the primary hubs of the larger global economy. Anything which affects it may soon affect others, bringing about a domino effect which could put the world in peril.
The issue at hand is seemingly trivial, but the consequences could be immense. Congress is struggling to reach a compromise to increase the nation’s debt limit, which has effectively been hit. If there is no increase in the limit, the nation will be unable to borrow money to pay for itself. At that point, government funding will collapse and the nation’s economy will begin to fall apart, or so the economists say.
China’s Xinhua News Agency commented on the issue, stating that the United States had been “kidnapped” by “irresponsible politics”. China is presently urging Washington to get its act together. Congress must compromise.
A blow to the world economy would also affect the Internet negatively, DaeZig included. Should the present situation in Cogress cause a debt default as described above, and should politicians in Washington be unable to pull out of the default in a timely manner, online businesses will begin to collapse. Should this happen, the happy and healthy Internet we know today could face hardships of unprecedented scale.
