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GEAB calls America "the epicenter of the global systemic crisis." On November 23, Congress' Super Committee must agree on $1.2 trillion of budget cuts or face mandatory 2013 ones. Either way, purchasing power lost means less spending, fewer jobs, and greater public anger than today's high levels.
Both sides are deadlocked. Failure is assured. Washington's political system is paralyzed. As a result, expect US debt downgrades and higher borrowing costs with predictable economic consequences.
China's Dagong Global Credit Rating agency fired the opening shot, confirming another downgrade if Super Committee members fail.
GEAB calls America's private debt worse than Greece's. It believes Western banks will be decimated. Crisis conditions are deepening. Rising bond yields signal trouble. Core European debt is being abandoned. France may lose its AAA rating. America's been overrated for years. So have many European countries.
Compared with rigged higher ratings from S&P, Moody's and Fitch, Weiss Research rated nine sovereign countries as follows:
- Belgium: C-
- France: C
- Germany: C+
- Greece: E
- Ireland: D-
- Italy: C-
- Portugal: D+
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