Saturday, August 06, 2011

Debt downgrade as Sputnik moment?

Within a commentary in Financial Times on the downgrade of US debt, one finds an allusion to the term "Sputnik moment":

For the sake of their country and the wider global economy, both parties should resist the urge to begin bickering. Instead they should seize this potential “Sputnik Moment” — a visible shock to the national psyche that can unify Americans around a common vision and a renewed sense of purpose — that of halting gradual secular decline by putting the country back on the path of high growth, job creation and financial soundness.

A Sputnik moment requires the presence of an event not foreseen and not in keeping with expectations. The downgrade was foreseen, at least by some.

See also
A "Sputnik moment", again and again?


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