BLUF: Biden looks towards the Fourteenth Amendment to preserve US government solvency and the dollar’s role as the reserve currency, while Dimon warns of market panic and Austin and Milley predict Chinese and Russian efforts to exploit default.
The current US government, under Biden’s leadership, is considering using the Fourteenth Amendment to ensure its solvency and maintain the role of the dollar as the reserve currency of the world, in the absence of any viable alternative to the greenback. However, Jamie Dimon of JPMorgan has warned that the markets will panic before cash is exhausted, and military leaders like Austin and Milley have forecasted the strategic efforts that China and Russia may make to exploit a default. It is important to keep these factors in mind when considering the use of the Fourteenth Amendment.Source…