Political squabbling took America to the brink of a government shutdown. While the issue was resolved at the last minute, it damaged America’s reputation as a safe haven in times of financial crisis. But what is worse is that the US seems to be learning some bad financial lessons from Europe.

<i>The American government ran out of money in October. Default was averted at the 11th hour by a deal which allowed the Obama administration to raise the debt ceiling and buy time until February 2014. The markets’ behaviour shows that an American default was and is not regarded as likely. But America’s reputation as a safe harbour in turbulent times has been damaged. Another crisis could h...

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Professor Enrico Colombatto
The role of the dollar as the dominant international currency and the stability of the US economy have ensured that interest rates on US government bonds were particularly low
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