When the USA sneezes…


… the rest of the world catches a cold. This is probably why it’s difficult to find a dispassionate news report on the US debt crisis. The most objective one on my newsfeed is from the UK –  US debt crisis: markets rally as Barack Obama announces deal – Telegraph.

I had a spirited midnight discussion with my son who couldn’t understand why the richest country in the world can’t pay its debts. Not being an economics alumnus, I was hard pressed – all I could say was that nations don’t operate budgets in the same way as households. Anyhow, it seems we have steered away from the brink for the time being – even though congress is yet to take its formal vote.

The next 24 hours will tell the story.

Published by wonderingpilgrim

Not really retired but reshaped and reshaping. Now a pilgrim at large ready to engage with what each day brings.

2 thoughts on “When the USA sneezes…

  1. Like you, I’m no ecomomics guru either. However I do remember the global analysts fortelling this when Bush’s first budget was announced – that the USA would pay dearly in about 10 years time.

    Of course, it is now all Obama’s fault – how short are people’s memories?


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: