Financial crisis: Default by the US government is no longer unthinkable

Financial crisis: Default by the US government is no longer unthinkable By Liam Halligan Last Updated: 11:48am BST 21/09/2008 So, here we are - the start of a new world order. After the tumultuous events of the last fortnight, the global economic landscape will never look the same again. The front page of the Brooklyn Daily Eagle newspaper on the day of the initial Wall Street Crash in 1929 Hard times: central banks have acted to avoid a repeat of 1929 Power has tangibly shifted - away from the United States and the Western world generally, and towards the fast-growing...

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