Global impact of US credit downgrade

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.