Standard & Poor’s downgrade of the United States government’s credit rating and the escalating debt crisis in Europe have pushed the financial markets towards Global Financial Crisis Mark II.
Political brinkmanship in Washington took the U.S. to with 24 hours of a sovereign debt crisis, at the same time as the sovereign debt crisis of Greece is set to spread to Italy and Spain.
While the downgrade will have some effect on U.S. government borrowing, of greater concern is…
