The Real U.S. Crisis Is Not the Debt Downgrade: Simon Johnson

Aug. 15 (Bloomberg) -- The U.S. has a fiscal crisis, but not the one that everyone is talking about. Standard and Poor’s proved beyond a reasonable doubt that the U.S. still has the world’s preeminent reserve currency. When shocks hit -- and investors have no idea who or what might be next in line for a downgrade -- they buy U.S. government securities.

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