“When you have a global mush, people lose their identity, they become pseudonyms, they have no investment and no consequence in what they do.”

“It is hard to imagine that, having downgraded the US, S & P will not follow suit on at least one of the other members of the dwindling club of sovereign AAAs. If this were to materialise and involve a country like France, for example, it could complicate the already fragile efforts by Europe to resc”