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JUST over 12 months ago in May 2010 we brought you an article about the GDC (Global Debt Contagion) that was weaving its way through Europe.
While everyone accepted that the US economy had been rocked by the GFC, and the notion that banks could not fail was proven a fallacy, no one wanted to believe that the US Government might be the next to follow in the shadow in the PIIGS countries.
But our article forewarned what is now playing out by highlighting the hallmarks of a government on a fiscally unsustainable path.
As early as mid-April 2011, S&P reported a negative outlook and threatened a downgrade to the country’s credit status. By rights, this story should still be front and centre, but somehow, S&P quietened down and has not had a great deal more to say on the subject which given the facts, seems somewhat peculiar.
Read the facts about the US economic situation and the demise of the US dollar, the US Government's response and its global impacts in this month's Focus Point column featuring Glenn Vassallo and Olivia Christensen of Hynes Lawyers. Get your copy of Brisbane Business News June in more than 500 greater Brisbane newsagents.
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