{"id":6040,"date":"2023-05-05T17:46:23","date_gmt":"2023-05-05T17:46:23","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=6040"},"modified":"2026-04-07T10:09:08","modified_gmt":"2026-04-07T10:09:08","slug":"will-the-global-economy-shake-due-to-the-us-defaulting-on-bills","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/","title":{"rendered":"Will the Global Economy Shake Due to the US Defaulting on Bills?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">This might come out a bit shocking when the world\u2019s first economy, the United States, defaults on the bill, which can shake up the global economy. But doesn&#8217;t it put us into a lot of questions as to \u201cHow\u201d? Let\u2019s learn about why it is like that and look into a couple of things that might put you into thought.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It all comes down to understanding the intricacies of the situation rather than just panicking about the shaking of the Global Economy. In the news, it\u2019s usual to come across the verdict that \u201cCongress has to increase the debt ceiling\u201d. But in fact, why do that?<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#Theres_a_national_debt_that_has_accumulated\" >There\u2019s a national debt that has accumulated<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#Where_is_the_money_being_spent_by_the_way\" >Where is the money being spent by the way?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#The_psychology_of_investors\" >The psychology of investors!<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#Why_does_the_Debt_Limit_have_to_be_increased\" >Why does the Debt Limit have to be increased?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#Will_cryptocurrency_be_regulated\" >Will cryptocurrency be regulated?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#Why_cant_the_US_print_money\" >Why can\u2019t the US print money?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#Whats_in_the_net_zero_ambition_of_India\" >What&#8217;s in the net zero ambition of India?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#A_recession_may_look_like_this\" >A recession may look like this<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#1_Quick_selling_off_treasuries\" >1. Quick selling off treasuries\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#2_Fall_in_the_global_trade\" >2. Fall in the global trade<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#3_Dollar-dependent_economies_may_suffer\" >3. Dollar-dependent economies may suffer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#4_Reliance_on_the_dollar_contracts_gets_impacted\" >4. Reliance on the dollar contracts gets impacted<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#5_Capital_outflows_more_than_inflowing\" >5. Capital outflows more than inflowing\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#Wrapping_up_the_thoughts\" >Wrapping up the thoughts\u00a0<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills\/#Get_rid_of_your_debt_sooner\" >Get rid of your debt sooner!<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Theres_a_national_debt_that_has_accumulated\"><\/span><strong>There\u2019s a national debt that has accumulated<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Like every other economy in the world, the US as well has a system that it abides by. Well, national debt being the conventional phenomenon that happens in every economy, it\u2019s quite essential to know about the \u201cNational Debt\u201d concept.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Think of a credit card when you swipe it for expenses more than you can pay on time.\u00a0 Similarly, an economy sometimes overdoes the expense than the revenue generated. That\u2019s when the crunch occurs called a \u201cBudget Deficit\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To make up for the Budget Deficit, the Government in our case the Federal Government will sell securities like <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/what-are-us-treasury-bonds\/\">Treasury Bonds<\/a>, Bills, etc to borrow money from investors at some interest rates associated with it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So national debt means the money borrowed by the government over time to pave away the balances of the expenses it made. But when the government increases borrowing, the national debt increases as well.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So if you think, what bill is it unable to pay? Currently, the government is in a crunch to pay the money to the investors from whom they borrowed. Basically, the default is on the country\u2019s <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sovereign-gold-bond-next-issue-date\/\">Sovereign Debt<\/a>.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Where_is_the_money_being_spent_by_the_way\"><\/span><strong>Where is the money being spent by the way?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The US Government prioritizes the welfare of the people above all. The spending activities are generally in categories like income activity, social welfare, health, national defense, and medicare. These are the categories where its expense is mostly used.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Coming to the main question!<\/span><\/p>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"The_psychology_of_investors\"><\/span><strong><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-psychology-of-investors-that-may-be-irrational\/?utm_source=blog&amp;utm_medium=blog&amp;utm_Global_Economy\">The psychology of investors!<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h2><span class=\"ez-toc-section\" id=\"Why_does_the_Debt_Limit_have_to_be_increased\"><\/span><strong>Why does the Debt Limit have to be increased?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here comes the concept of Debt Ceiling also known as Debt Limit. It was in the 20th century when this came into force that Congress has to authorize the money it borrowed once it reaches the limit as per the Constitution.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The purpose of this debt ceiling concept was to run the government smoothly but now it seems like making a lot of trouble. Currently, the US Government has a national debt that has crossed $31 trillion while the borrowing cap is now at $31.381 trillion. The US government technically reached the Debt Limit last time on Jan 19th. Now the point has come yet again.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The catch is, earlier the government implemented \u201cExtraordinary Measures\u201d to curb government investments for the time being, but now the stake is on increasing the Debt Limit itself. This question is posed as there are possibilities that the US government may run out of cash by<\/span> <span style=\"font-weight: 400;\" data-rich-links=\"{&quot;dat_df&quot;:{&quot;fres_frt&quot;:1,&quot;dfie_ts&quot;:{&quot;tv&quot;:{&quot;tv_s&quot;:1685620800,&quot;tv_n&quot;:0}},&quot;dfie_l&quot;:&quot;en&quot;,&quot;dfie_p&quot;:{&quot;fres_frt&quot;:0,&quot;tres_tv&quot;:&quot;MMM d, y&quot;},&quot;dfie_dt&quot;:&quot;Jun 1, 2023&quot;,&quot;dfie_pt&quot;:3,&quot;dfie_tpt&quot;:0},&quot;type&quot;:&quot;date&quot;}\">Jun 1, 2023<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So the <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/debt-management-what-to-do-without-impacting-your-investments\/\">Debt<\/a> ceiling is the maximum limit on the money that the US Government can borrow to meet its obligation of meeting the national debt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now when the US Government has no means of cash and there is no way it wants to default, the viable option seems to be to increase the debt limit, otherwise the consequences are disastrous and unimaginable. Congress seems to be against increasing the Debt Limit at the moment though.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The fact is since 1960, the US Government has raised the Debt Limit at least 78 separate times now. So will it fail to do so this time? It is still unanswerable at the moment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It still holds good to know our curiosity in the next question.<\/span><\/p>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Will_cryptocurrency_be_regulated\"><\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/will-cryptocurrency-be-regulated\/?utm_source=blog&amp;utm_medium=blog&amp;utm_Global_Economy\"><strong>Will cryptocurrency be regulated?<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h2><span class=\"ez-toc-section\" id=\"Why_cant_the_US_print_money\"><\/span><strong>Why can\u2019t the US print money?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This might be an obvious reason for people to know how the US government could pay off their debt. After all, it\u2019s the Government and they can easily print it, right? It shouldn\u2019t be a big deal to them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But stop right there, it is in fact a big deal!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As easy as it may sound to print the money, it isn\u2019t. It can lead to a disastrous situation that we can\u2019t think of. It\u2019s nothing but Inflation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yes, surely the US Government can pay the debt with that money, but the consequences of paying become much more than what it pays now when considering the latter situation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s like the dollar losing its intrinsic value such that paying for the same goods becomes much more expensive as the prices of the goods increase. Imagine when the price of the egg rises, paying for the basic goods seems like a big deal, then paying for the costlier items becomes costlier than ever.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One such incident of printing money during a pandemic absolutely poured the money into the economy but the <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/what-are-inflation-linked-bonds\/\">inflation<\/a> rate had increased and remained the same at least for 3 years at 6.4%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So it\u2019s more like chasing the same rat with too much money.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The control of the money supply is in the hands of the Federal Reserve and its agenda is to maintain the stability of the money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The value of the money is on the grounds of the good word of the government and since we all agree to it, we believe the paper bill has a value. Earlier the money was backed by Gold. Printing money was costlier as <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sovereign-gold-bond-next-issue-date\/\">Gold<\/a> has inherent value with it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So why create inflation? Hence better not to print the money.<br \/>\n<\/span><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2023\/05\/30103234\/will-the-global-economy-shake-due-to-the-us-defaulting-on-bills-1-min-1.gif\" alt=\"So why create inflation? Hence better not to print the money.\" \/><\/p>\n<p><span style=\"font-weight: 400;\"><br \/>\nWell, if they can\u2019t print the money and the Congress fails to increase the debt limit then what is it signifying?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A serious issue of \u201cRecession\u201d or a \u201cShake in the US Economy\u201d\u00a0<\/span><\/p>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Whats_in_the_net_zero_ambition_of_India\"><\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/whats-in-the-net-zero-ambition-of-india\/?utm_source=blog&amp;utm_medium=blog&amp;utm_Global_Economy\"><strong>What&#8217;s in the net zero ambition of India?<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h2><span class=\"ez-toc-section\" id=\"A_recession_may_look_like_this\"><\/span><strong>A recession may look like this<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In case of a prolonged scenario of default, the possibilities are that the US might fall into recession. The impact due to it looks something like this:<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Quick_selling_off_treasuries\"><\/span><strong>1. Quick selling off treasuries\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The first and foremost trade-off will be losing all the investors who invested in US treasuries and discomfort to those investors who took loans against these treasuries might have to look for more secure loans instead.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the US borrows in the future, it might turn out to be expensive. Drastic ups and downs in the interest rate can be seen. While as well witnessing the devaluation of the dollar against other currencies in the world.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Fall_in_the_global_trade\"><\/span><strong>2. Fall in the global trade<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Most countries indeed rely on the US for their imports and they might stop those purchases from the US. And at the same time, other countries who indulged in exporting to the US can face a hard hit on their income due to the crisis.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the long run, the trade can fall when the dollar loses its value as purchasing supplies becomes expensive.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Dollar-dependent_economies_may_suffer\"><\/span><strong>3. Dollar-dependent economies may suffer<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Most of the economies have incorporated dollars as their currency while some peg it with their domestic currency. When de-dollarization takes place, countries might see the dollar&#8217;s purchasing power to have exhausted.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Reliance_on_the_dollar_contracts_gets_impacted\"><\/span><strong>4. Reliance on the dollar contracts gets impacted<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Countries that have made contracts in dollars might receive their settlements being paid at a lesser value than what is expected. It\u2019s true for both companies and individuals having dollarized contracts.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Capital_outflows_more_than_inflowing\"><\/span><strong>5. Capital outflows more than inflowing\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Usually, the global markets pour in their capital in the US, but due to this drastic situation, the resultant interest rates spike might push the investors away as they would have lost their trust in the government.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Wrapping_up_the_thoughts\"><\/span><strong>Wrapping up the thoughts\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">How the situation is being handled in the US market is up to the government and it isn&#8217;t predictable. Whereas a growing economy like <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ten-year-bond-yield-in-india-updated\/\">India<\/a> has less borrowing comparatively and they have a strategic measure in handling the national debt to have not defaulted on the bills so far.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Certainly, overseas investors must be aware and cautious in this aspect before investing.\u00a0<\/span><\/p>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Get_rid_of_your_debt_sooner\"><\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/get-rid-of-your-debt-sooner\/?utm_source=blog&amp;utm_medium=blog&amp;utm_Global_Economy\"><strong>Get rid of your debt sooner!<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>This might come out a bit shocking when the world\u2019s first economy, the United States, defaults on the bill, which can shake&hellip;<\/p>\n","protected":false},"author":4,"featured_media":12012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[151],"tags":[],"class_list":["post-6040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-matters"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will the Global Economy Shake Due to the US Defaulting on Bills? 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