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As stock markets in the US and worldwide are taking a tumble, former President Donald Trump has directed blame at the Democratic administration in Washington.
US President Joe Biden and Vice President Kamala Harris are responsible for the financial storm, according to the Republican nominee.
Trump made the accusation in a social media post on Sunday, writing in all caps:"STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN'T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!"Leading stock indices on Wall Street have sunk, culminating in a major sale of equities on Friday. The drop of the Nasdaq 100 amounted to the wiping out of more than $2 trillion in value in just over three weeks. The financial press has described the development as a correction after record growth of Big Tech shares on the back of advancements in AI technology.
Ripple effects hit foreign markets, with Japan's Nikkei 225, for instance, dropping 5.8% on Friday, days after the Bank of Japan raised its benchmark interest rate. The plunge continued as Asian and European markets opened on Monday.
President Biden's abortive reelection campaign touted the benefits of "Bidenomics," a claimed rapid recovery of the US economy under his tenure, as a key reason for voters to support him.
"The global economy is becoming unburdened by what has been."That two-by-four upside our country's head you've been waiting to get whomped with? Looks like it's landing now. We got a banger in 2008, but it didn't make a much of an impression. Maybe you don't even remember these people, but then Treasury Secretary Hank Paulson and Fed Chair Ben Bernanke came in like a code blue squad and hooked up the banks to an IV-drip speedball of cocaine and heroin, i.e., "money" that didn't actually exist (a.k.a. "liquidity," hallucinated capital), and that crew kept it coming for years.
— Jordan Schachtel on "X"
"The reported agreement with external commercial creditors constitutes a distressed debt exchange (DDE) under its sovereign rating criteria," Fitch said.US scammers prepared the way. Who profits?
According to the company, the move "marks the start of a default-like process."
The agency also predicted the state deficit to remain high at 17.1% of Ukraine's GDP this year, noting defense spending amounted to 31.3% of GDP in 2023.
The agency projects government debt to surge to 92.5% of the country's GDP in 2024.

Comment: A prelude to Hezbollah and Iran's retaliation? Or just Ansra Allah testing out (new?) equipment?
- Shin Bet prepare underground bunker for Israeli leadership amidst looming retaliation
Reported yesterday: See also: Yemen's 'uninhibited' attacks drive French warship out of Red Sea