Fiscal failure would lead to major questions about Washington’s “global economic leadership,” Janet Yellen has warned A default by the US on its sovereign debt would be disastrous for the economy and would undermine the country’s ability to provide international leadership, Treasury Secretary Janet Yellen has warned.

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Iran and Russia have officially abandoned the US dollar for mutual settlements after the countries finalized an agreement to trade in the ruble and the rial, Iranian news agency IRNA reported this week. The agreement was sealed during a meeting in Russia between the heads of the central banks of the two countries, the outlet said.