The Western countries’ response, first to the Corona crisis and then to the Russian attack, was to temporarily accept very high budget deficits – and thus stabilize the hard-hit economy. The emphasis was always on “temporarily”. Now the dark side of turbo debt is showing – especially in the US. On Wednesday night, the rating agency Fitch surprisingly withdrew its top credit rating from the superpower.
Investment decisions worth billions are made worldwide on the basis of this rating. The consequences will be far-reaching.