AAA-rmageddon: S&P downgrade knocks off US credit crown (Videos)
2011-08-07 0:00

From: YouTube.com


"The United States’ prized top AAA credit rating has been cut for the first time ever. Standard & Poor’s has dropped America’s ranking to AA+. The destructive force is the crippling debt which Congress has struggled to agree on how to tackle, with only an 11th-hour deal to raise the amount allowed. S&P says that’s not enough - and falls far short of what’s needed to stabilize the government’s runaway borrowing. But the Obama administration says the analysis is way off, and will damage any recovery."


Video from: YouTube.com

"In the past week alone 2.5 trillion dollars have been wiped off the value of global stocks.
That is why world leaders and policy makers have been scrambling over the weekend, trying to find a way out of the turmoil on the international markets caused by the debt crises in Europe and the United States."


Video from: YouTube.com

"Conflicting and confused messages from Europe’s policy makers have raised concerns that next week may worsen the eurozone debt crisis.
Fresh worries over Europe’s bailout mechanisms this week hastened fears of another recession and saw stocks suffer their heaviest losses since 2008."


Video from: YouTube.com


"European finance ministers have expressed confidence in the US economy, in spite of the country’s credit rating being downgraded for the first time in history.
However, China - which holds the vast majority of US debt - is far from happy.
Leaders there have criticised what they called Washington’s "addiction" to debt. "


Video from: YouTube.com




Recession or Depression?

Economy Caught in Depression, Not Recession: Rosenberg (2010)




Related Articles
Finland in double-dip recession
Sweden unexpectedly slides back into recession
Even BLS Admits Birth-Death Model Skews Unemployment Numbers During Recessions
Death in the Recession: More Bodies Left Unburied
Recession is the birth pangs of a New Global Order, says Brown
Soros predicts worst recession for 50 years
Economic Expert: We Are Already In An Engineered Recession
Celente: Dollar not worth its paper, Greatest Depression up ahead (Video)
Top Retail Analyst: "What’s Going On Is That We Are In A Depression For 80% Of Americans"
Yastrow: “We Are on the Verge of a Great, Great Depression” (Video)
IMF warns over parallels to Great Depression


Latest News from our Front Page

Pressure from the United Patriots Front Stops Mosque Plan
2016-04-28 20:10
Pressure from the United Patriots Front appears to have killed off a mosque development in Narre Warren North. The City of Casey council now looks likely to withhold planning approval for the development in a special meeting set for Tuesday night. A council report, to be considered by councillors on Tuesday, recommends that the approval be blocked. The mosque opponents’ cause has been helped by councillor ...
Police face questions over the influence of the Freemasons
2016-04-28 20:48
South Yorkshire Police today face questions over whether powerful 'secret society' the Freemasons held sway over the force at the time of Hillsborough. Families of victims say that officers who were Masons were promoted into powerful positions despite being ill-equipped, including match commander David Duckenfield. Duckenfield told the fresh inquests he had been a Freemason since 1975 and became head of his ...
England Bans its Own Flag to Avoid Offending Muslims
2016-04-27 2:23
St. George's Cross "racist" towards immigrants Government officials said their city was ‘too multicultural’ to celebrate St George’s Day, England’s version of the 4th of July. The council said that displaying the English flag may have been seen as “racist” towards immigrants.
Half of Western European men descended from one Bronze Age ‘king’
2016-04-27 2:09
Half of Western European men are descended from one Bronze Age ‘king’ who sired a dynasty of elite nobles which spread throughout Europe, a new study has shown. The monarch, who lived around 4,000 years ago, is likely to have been one of the earliest chieftains to take power in the continent. He was part of a new order which emerged in ...
"Local Residents" Are Filmed Stealing Dozens of Bottles of Water at London Marathon Stop
2016-04-25 23:10
Editor's Comment: "Local" residents? Why bother blurring their faces? We know who they are. ... London marathon runners were robbed of dozens of bottled waters when thieves raided a refreshment area armed with trolleys during today's race. Nearby residents - including parents with children - were captured on camera piling up crates of free water handed out by volunteers during the 26-mile event. Marathon ...
More News »