The boss of the world’s biggest investment group says that “snowballing” US government debt has reached “very dangerous” levels.
Larry Fink, chairman and chief executive of BlackRock, issued the warning in his annual letter to investors, saying: “In America, the situation is more urgent than I can ever remember.”
The government could not “take for granted” investors carrying on buying US treasuries after issuing $11.1 trillion of additional debt since the start of the pandemic, he said.
Rising interest rates had made the problem far more urgent because of the surging interest bill on new borrowing.
“Three years ago, the rate on a ten-year Treasury bill was under 1 per cent. But as I write this, it’s over 4 per cent, and that 3 percentage-point
