We've Been Here Before. Not 1929, but 1931. And That's Not Good...

Summary

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IT IS certainly a blow to President Obama's reputation that Standard & Poor's has downgraded the US's AAA rating. He fumbled the Congressional politics of this, as well as his deficit spending.

But the news has been factored in and discounted already. It will fray nerves maybe, but for the rest of us, interbank deals will go on using US Treasury Bonds, even if the US pays some more. Dented prestige is not fatal, so calm down, dear.

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We've Been Here Before. Not 1929, but 1931. And That's Not Good...

Is there really something to worry about in the financial maelstrom this weekend? Let us recall that it took two years for the Wall Street Crash of 1929 to become the Great Depression. After the initial crash in Octob...

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