Who is going to pay the US debt
So S&P have downgraded the US's AAA debt grading. Big news given the overall depressive state of their economy and it is and been that way for a long time. Finally the excessive consumptive nature of that country is there to be bitten yet again I say. The US has been saved at least twice in recent times. Firstly by Japan, which in turn led to the reduction in Japanese consumption as outflows of funds led to what has become the Japanese economic problem. It has never recovered and that is why even with interest rates at virtual zero the exchange rate is having to be manipulated by the Central Bank because of its strength which seems to have no logic to it. The second more recent time was basically by the European banking system which was the precursor to the crisis of 2007-8. Greenspan was involved that time and laughed mocking the Europeans for being so dull and stupid, as the losses increased beyond the banks means to hold the financing. So here we are again. Debt ceilings bei