Some quick thoughts on Standard & Poors’ downgrading of the U.S.’s credit rating from the previously bullet-proof AAA to AA+. We can moan about S&P’s miscalculation that led to a US$2tn error, and rigtly note with Paul...
The inevitability with which global markets would fall off their to-date unrealistic levels did nothing to mollify the depth and panic of the spasms. It has become a truism that nothing in the structure of international finance has changed, save that the losses of...
