Displaying items by tag: America default

Sunday, 07 August 2011 09:08

China Syndrome (America's default)


Last Sunday I joked that China had put the US on EBay. Was I wrong? By its debt and creditworthiness being downgraded for the first time ever, the United States of America has, for all intents and purposes, defaulted. What seemed unthinkable because of America’s clout became possible when Standard & Poor’s downgraded America’s rating from AAA to Aa++. Moody’s had downgraded it earlier to AAA minus. Fitch will soon follow. Now interest rates will increase, servicing debt will become more expensive, there will be greater public and private defaults, growth will decline further and fear of another downgrade will haunt. The world is caught in this downward spiral caused by the crimes of the few against the many........... Download the full article in pdf attachment (below)

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