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Thread: Global markets fell sharply yesterday!
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[quote=DREAMLIFE,437798] I wish that China and other creditors had learnt a lesson from this no matter how much the cost was. Bill Miller, Chairman and Chief Investment Officer of Legg Mason Capital Management, wrote “The downgrade by Standard & Poor’s of US sovereign debt, from triple A to double A plus, was precipitate, wrong and dangerous.” I don’t know why he condemned S&P for downgrading the US sovereign debt. But I believe that S&P did a right thing. S&P was the innocent child who told the truth “The emperor is wearing nothing at all”. Everyone knows what will happen if the USA keeps increasing its debt ceiling but doesn’t pay anything to its creditors. But they never speak it out because they believe that the USA can handle this. Can the USA handle it? I doubt about it. The debt default might have happened if the two parties failed to reach an agreement. [/quote]
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