Stock prices rose and economists sighed with relief yesterday as US lawmakers ended their theatre-of-the-absurd showdown over the maximum size of the US government’s debt.
Without the deal, America’s dysfunctional politics would have propelled the global economy into uncharted waters.
For decades, Uncle Sam has been able to keep running up debt, to a level forbidden to other states, because America, cornerstone of the world economy, has been universally seen as “too big to fail” – a notion some in Congress seemed willing to test to the limit.
The US debt exceeds $16 trillion (Dh59 tr), more than a third of it held outside the US. The risk of default by even tiny Cyprus, last March, rattled financial markets; nobody wants to contemplate all that US debt losing value. But the self-inflicted wound of pointless crisis has rubbed the world’s nose in its cheerful acceptance of the myth that America can keep borrowing forever. This week people began thinking the unthinkable: Fitch, a rating agency, decreed a negative outlook for US debt.
Relief over the deal in Congress is mistaken, because the fine print means the whole silly show might repeat in January. Nothing about it addresses the two related underlying problems: the bitterly partisan deadlock at the top of the government, and the country’s addiction to debt.
The real crisis will hit when interest rates begin to climb again. In fiscal 2013, just 6.2 per cent of federal spending was to pay interest; that can only go up.
For decades, the US has lectured the rest of the world about fiscal probity, both directly and through institutions it influences, such as the International Monetary Fund. Now it is time for America to heed the message the rest of the world is delivering, in chorus, about this problem.
American politicians appear oblivious to the way in which endless red ink and political brinkmanship are threatening America’s stature and influence. “The world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites,” China’s government-controlled Xinhua News Agency said this week. “Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated.”
The whole world needs a prosperous US with stable finances and effective decision-making. Until US leaders shed their bad habits of spending and squabbling, these crises can only recur and intensify.
SPECS
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The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
COMPANY%20PROFILE
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MEDIEVIL%20(1998)
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The%20Specs
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Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE%20
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WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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PRIMERA LIGA FIXTURES
All times UAE ( 4 GMT)
Saturday
Atletico Madrid v Sevilla (3pm)
Alaves v Real Madrid (6.15pm)
Malaga v Athletic Bilbao (8.30pm)
Girona v Barcelona (10.45pm)
Sunday
Espanyol v Deportivo la Coruna (2pm)
Getafe v Villarreal (6.15pm)
Eibar v Celta Vigo (8.30pm)
Las Palmas v Leganes (8.30pm)
Real Sociedad v Valencia (10.45pm)
Monday
Real Betis v Levante (11.pm)
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
COMPANY%20PROFILE
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CHATGPT%20ENTERPRISE%20FEATURES
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5