Global Impact of US Credit Downgrade

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The credit rating agency Standard and Poor's downgraded the United States' credit rating for the first time in its history, from AAA to AA+, last Friday. This news sent shock-waves around the globe, sending markets into free-fall, and forcing global leaders into emergency meetings.

Amar Bhide, professor at Tufts University's Fletcher School of Law and Diplomacy, and author of "A Call for Judgement: Sensible Finance for a Dynamic Economy," believes this downgrade will have little affect on the global economy, unlike the current European debt crisis.