The downgrading of the U.S’s fiscal stature by one of the three rating agencies – Standard & Poor’s – doesn’t come as a shocker. The faulty policies of crony capitalism had already rattled its financial behemoths and the decade-long war-mongering pushed by the greed to occupy the world’s natural resources had contributed to the fiasco. More appalling was the manner in which the U.S-led West coerced almost all the world nations to open their economy to the global market – in the name of globalisation – which has made the whole world susceptible to collateral disaster. The Indian Prime Minister Dr. Manmohan Singh should draw a lesson from the U.S’s diminished financial standing, and he should refrain from pushing the neoliberal ‘reforms agenda’.
Syed Sultan Mohiddin
Kadapa, A.P.