I’ve always said that reading newspapers outside the US is more informative than reading US papers. The Telegraph in the UK is one of the best. The comments pretty much say what a lot of the world is thinking. There is a lot of this being said in the US also, but those comments are dismissed by the progressive left. Anyone who says the same things the rest of the world says are considered right wing whacko racists who just hate Obama.
One of China’s leading credit rating agencies has downgraded United States of America government debt in response to what it sees as deliberate devaluation of the dollar by quantitative easing and other means.
If China, now the second biggest economy in the world, stops buying US government bonds this could have a very negative effect on the global recovery. The Dagong Global Credit Rating Company analysis is highly critical of American attempts to borrow their way out of debt. It criticises competitive currency devaluation and predicts a “long-term recession”.
Dagong Global Credit says: “In order to rescue the national crisis, the US government resorted to the extreme economic policy of depreciating the U.S. dollar at all costs and this fully exposes the deep-rooted problem in the development and the management model of national economy.