Going West? Unable to pay its debts without borrowing more, the credit rating of the US was downgraded in August, triggering a fall of financial markets across the world. John Benton It is as yet unclear how severe the consequences will be for the world economy. But this was a calamity waiting to happen. Back in 2007, EN reviewed the book Black Mass by John Grey of the LSE. It said: ‘The US is unable to live on its own economic activity and must be subsidised … at present cruising speed that subsidy amounts to $1.4 billion a day’. Obviously unsustainable. Since then we have witnessed the worldwide credit crunch, the introduction of stringent austerity measures in Britain and now deep financial troubles in the Eurozone. subscribe now Join today to gain access to the rest of this article and many others. more info login If you are already a subscriber, log in to continue. log in access code If you have an access code, enter it here: Go free trial Get free access for 14 days: Sign up Click here to find out how we take care of your personal data.