During the worst of the coronavirus pandemic, the global economy was arguably reliant on stimulus checks and spending tools. Fluctuations in spending, as and when supply-and-demand shocks occurred were a normal discrepancy that needed to be addressed, given the unsustainable endurance of the global markets even before 2020. Inevitably-whether it was the war in Iraq, or the rise and quick decline of the dot-com optimism-countries relied on debt from investment banks or other nations, to stay in a healthy deficit without defaulting. That worked up until the point greed started driving the market, instead of fear-setting up a whole new avenue for individual economies struggling to form working treasuries, putting people before prices. According to an estimate, 300 trillion is the magic number of looming debt crises at different points of the supply chain, at different markets around the world. This makes up about 349% of the Global GDP, which begs the question of how to secure such a large amount. Since the dawn of time, there has been a concept of debt and debtors. More recently, the concept of interest has taken over as a driving issue for the hikes in debt estimates. However, a 2019 study indicated that 70% of Americans with a credit card -a large segment of the cited market-could not repay their debt, and this was in one of the richest nations in the world before COVID-19. It is unimportant whether it has legal ramifications or additional financial penalties, but the fact that it is an additional number to many economies around the world proves troublesome, as an influx of loans and grants only increases burdens to control the same spending with which they must return, and in some cases without credit terms. According to an estimate, 300 trillion is the magic number of looming debt crises at different points of the supply chain, at different markets around the world. Now, some argue that fears of debt are inflated, which is true in some cases but not when the world is tiptoeing around a recession. A study by the World Economic Forum, which is currently holding its annual conference in Davos this year, charts a dire picture for curating a better future for global markets. It notes, “Rising prices mean inflation is spiking, so central banks are increasing interest rates to try and contain this.” “Rising interest rates, in turn, mean higher loan repayments.” This comes on the heels of an IMF report stating unequivocally that at least 100 countries involved in the global transactions of major financial markets will have to drastically reduce spending on health, infrastructure, and social security in order to meet their respective and cumulative debt payments. On the issue of raising interest rates, there are very few economies on the planet that are going against a contractionary monetary policy. The US, the UK, and other major financial powers have all raised interest rates, the US being the leader of the economic forces grappling to curb inflation fears. A great reset button is due on the global economy. Looking at nations like Pakistan, which is already struggling to pay its debts to major lenders-there is political infighting that seems to block major legislation and bold fiscal action to help combat either of the two crises. Inflation can’t be controlled given the greed in the index-and debt can’t be repaid due to an inability to regulate an outdated state bank. In that spirit, Pakistan is left with little to no say in controlling the sway of the market. Even though it is not set to default on its payments until later this year in June, the unsustainable volatility in the local Pakistani market can cause a market failure, essentially doing the same thing a default would panic and anarchy. It is not entirely Pakistan’s fault, given multiple natural disasters as well as political instability that need constant funding, are standing in the way of change. Now, looking at all the noise surrounding the US default crisis, we see a shift in policy. A congressional body paralyzed due to the constant flip-flop of the Republican Party’s policy towards distracting a trade deficit that has almost always been at the forefront of a political fight. Raising the debt ceiling lies with Congress, and it has always done so, no matter the administration’s or partisan-based needs in either of the two or three branches of government. This year, multiple factors are at play, including a former president trying to gain a political stronghold by disparaging the current White House administration, and a Speaker of the House trying to hold power beyond the one-vote threshold needed to remove him. America seems to be much less concerned about what would happen to the conditions of the global economy if Congress doesn’t lead the charge to fulfill legal obligations. The US last defaulted state-by-state in the 1840s. That had implications-yes-but on a much smaller scale in the global context. This time, a mighty dollar stands in front of a new horizon. If the US defaults the world could go in two directions; greed or fear. Stock prices inevitably crash and so could the value of the dollar, noting the needless desire for dollars in a market, which would be driven by fears of investors looking to establish a new global currency-which notably would never be the Chinese Yuan. The other option would be panic buying by which much of the global economy is safe. The problem comes back to political infighting within nations, in which case an American adversary would move to set the dollar on a collision course and create a supply boom, which Russia and/or China are easily capable of doing. The writer is a columnist and a linguistic activist.