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As if the last week wasn't already packed with bad news, yesterday we got two more unprecedented signs of the economic times.

Late yesterday, Standard & Poor's dropped the credit rating for the United States of America for the first time since 1917. The "full faith and credit" of the U.S. Treasury is no longer the world's gold standard. Instead of the U.S.A. the AAA rating that had become synonymous with the dollar, is now in the possession of France. America is on a par with New Zealand and Belgium.   

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