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S&P’s downgrade of Japan’s credit-rating raises a disturbing prospect. Is this stage two of the global credit crisis, featuring chain of sovereign defaults amongst the largest economies?
S&P’s downgrade of Japan’s credit-rating raises a disturbing prospect. Is this stage two of the global credit crisis, featuring chain of sovereign defaults amongst the largest economies?
Imagine you are starring in the financial equivalent of the “Life On Mars” TV show. You wake up one morning to find you have time-travelled back to the early nineteen nineties. The Berlin Wall has just fallen. The triumph of capitalism is unleashing a tsunami of globalization as billions of people join the market economy as workers and consumers.