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U.S. Debt Near 100% GDP, Could Hit 120%

6/3/2026

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Summary

Story summary

Liaquat Ahamed warned U.S. debt hit $39 trillion—roughly 100 % of GDP—in April and could reach 120 % by 2036.
He recalled that 2008 Hank Paulson learned Russia asked China to dump U.S. agency debt, which China refused.
He cited the 1873 seizure of French silver after the 1870-71 Franco-Prussian War as sparking a depression.
He likened that risk to the 2022 Liz Truss tax-cut financing episode spooking markets and forcing her resignation.

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Story summary

Liaquat Ahamed warned U.S. debt hit $39 trillion—roughly 100 % of GDP—in April and could reach 120 % by 2036.
He recalled that 2008 Hank Paulson learned Russia asked China to dump U.S. agency debt, which China refused.
He cited the 1873 seizure of French silver after the 1870-71 Franco-Prussian War as sparking a depression.
He likened that risk to the 2022 Liz Truss tax-cut financing episode spooking markets and forcing her resignation.