Noy gets a new umbrella
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Worried questions were raised over the likely ripple effects of the unprecedented credit rating downgrade on the United States by Standard and Poor’s (S&P) the other day, one of three globally-recognized credit watchdogs, the other two being Moody’s and Fitch.
Even in the United States, the anticipation is high on how Asia, the first region in the world that will translate the US ratings cut into actual market movements, will react today.
Calls were also made, including that of Finance Secretary Cesar Purisima for the financial world to consider an alternative international currency to the US dollar, which has lost its stability as a result of the current financial and now political turmoil, as a result of the vicious debate on debt ceilings, in the world’s biggest economy.
Noynoy, in turn, was immediately in the news supposedly “scrambling” his economic officials to prepare for the impact of the credit downgrade. S&P’s downgrade, while unprecedented, has been a long time in coming. The US economy appears to have yet to rise from the 2007 financial turmoil and its consequent effect of a global crisis that hit most of the big European economies..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/commentary/20110808com1.html
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