US debt ceiling & Gene’s Aussie debt ceiling experience in the GFC | Emerging economies debt crisis - EP190

Host Gene Tunny discusses the US debt ceiling and the emerging economies debt crisis with his Adept Economics colleague Arturo Espinoza. Gene shares a memory of his own experience with the debt ceiling the Australian Government had at the time of the 2008 global financial crisis (GFC). 

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What’s covered in EP190[04:35] US debt ceiling negotiations. [09:18] US hitting its debt ceiling.[14:51] The trillion-dollar coin as a possible workaround. [16:14] Spending and revenue challenges. [26:05] Australian debt ceiling legislation in 2008-09. [29:05] US debt limit and consequences. [33:25] Argentina's economic struggles. [40:02] IMF's Nightmarish Identity Crisis & emerging economies debt crisis. [42:27] China's role in emerging markets debt. [45:13] PNG and China. Links relevant to the conversation

Noah Smith’s Subtack post:

https://open.substack.com/pub/noahpinion/p/the-debt-ceiling-deal-what-was-the?r=2hwg1&utm_campaign=post&utm_medium=email   

Treasury to take ‘extraordinary measures’ as US hits debt ceiling | Financial Times

Michael Knox’s note on the debt ceiling:

AUS_ESQ_230523_US government shutdowns and why US treasuries never default.pdf

https://www.whitehouse.gov/cea/written-materials/2023/05/03/debt-ceiling-scenarios/

Federal Spending | U.S. Treasury Fiscal Data

The future US fiscal crisis and how to avert it w/ Romina Boccia, Cato Institute – EP159 – Economics Explored

The IMF faces a nightmarish identity crisis

How China changed the game for countries in default | Financial Times

There Is No Chinese ‘Debt Trap’ - The Atlantic

Fiscal Monitor April 2023

Argentina raises interest rate to 97% as it struggles to tackle inflation | CNN Business

Argentina inflation smashes past every forecast to hit 109% | Reuters

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 

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