The New Normal: Economic Weakness and Decline - by Stephen Lendman
Europe and America are declining while Asia rises.
On Friday, S & P cut credit ratings for nine EU countries, including France, Italy, Spain, Austria, Portugal, Malta, Slovenia, Slovakia and Cyprus. It was old news but not good.
France was downgraded from AAA to AA+.
So was Austria.
Italy fell two levels from A to BBB+.
Spain was lowered two levels from AA- to A.
Portugal fell two levels to BB.