So, at last we have a deal of sorts. In truth, it doesn’t solve any issues, it merely reflects huge pressure to free up government spending, and short term, ensure that America pays its external obligations to its creditors. This sad chapter is obviously not at an end, and we face the spectre of more government by crisis over the course of the next few months. Bad as this is, short term, the long term damage done to US credibility and standing in the world is much more worrying.
At the moment, t…
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