from Paul Smalera:

Downgrading democracy

August 8, 2011

By Paul Smalera
All views expressed are his own.

The Washington debt ceiling debate over these past months was the throwing open of the doors to the democratic slaughterhouse -- let’s please not ever complain again about not being able to watch the sausage get made. Though our media window onto the killing floor surely contributed to the S&P’s downgrade of U.S. debt, that’s not an entirely bad thing, as I’ll explain in a moment.

from The Great Debate:

The S&P downgrade: is the sky falling?

By Mark Thoma
August 8, 2011

By Mark Thoma
The opinions expressed are his own. Paul Krugman on the S&P downgrade:

S&P and the USA, by Paul Krugman: OK, so Standard and Poors has gone ahead with the threatened downgrade. It’s a strange situation.

from The Great Debate:

Can China afford to downgrade the U.S.?

By Joseph S. Nye, Jr.
August 8, 2011

By Joseph S. Nye, Jr.
The opinions expressed are his own.

After the rating agency Standard & Poor’s downgraded America’s long-term debt, China said that Washington needed to “cure its addiction to debts” and “live within its means.” It must have been a delicious moment in Beijing, accustomed over the years to lectures from Washington about its management of the yuan.