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Reuters reports: "The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy." The new rating is AA+. In explaining their decision Standard & Poors cites both the decision by Republicans in Congress to turn the debt ceiling into a political football and the Republicans intransigence on tax increases. Some excerpts from the release:

A deep look at the economic policies we did and didn't choose.

The Greek default has turned out to be the proverbial dog that didn't bark. The lesson for Europe - and for the US - is clear: it is time to stop listening to what banks say, and start focusing on what they do. We must re-evaluate the distorted political economy of the financial sector, before the excessive power of the few imposes even larger costs on everyone else.

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Much has been discussed on the root causes for the current financial crisis, including but not limited to lessons on monetary policy, financial sector regulations, accounting rules. This note aims to stimulate debate and discussions on some of the pro-cyclical features in the system, possible remedial measures, and how monetary and fiscal authorities can play their professional roles at times of severe market distress. It also touches upon China's financial sector reform and macroeconomic policy to counter slowdown in economic growth. The major points here were presented at the G20 Meeting of Finance Ministers and Central Bank Governors in San Paulo, Brazil on November 15, 2008.

Slovenian philosopher Slavoj Zizek, akaThe Elvis of cultural theory, is given the floor to show of his polemic style and whirlwind-like performance. The Giant of Ljubljana is bombarded with clips of popular media images and quotes by modern-day thinkers revolving around four major issues: the economical crisis, environment, Afghanistan and the end of democracy. Zizek grabs the opportunity to ruthlessly criticize modern capitalism and to give his view on our common future. We communists are back! is the closing remark of Slavoj Zižeks provocative performance. Our current capitalist system, that everyone believed would be smoothly spread around the globe, is untenable. We find ourselves on the brink of big problems that call for big solutions. Whatever is left of the left, has been hedged in by western liberal democracy and seems to lack the energy to come up with radical solutions. Not Zižek. Interview: Chris Kijne Director: Marije Meerman Production: Mariska Schneider /Pepijn Boonstra Research: Marijntje Denters/Maren Merckx Commissioning editors: Henneke Hagen/Jos de Putter

Jean-Claude Juncker's and Giulio Tremonti's common European bond is the first constructive idea since the outbreak of the eurozone financial crisis a year ago. It is the first time that eurozone leaders have dared look beyond the current week's newspaper headlines. I have no doubt that, if implemented in full, the proposal would end the crisis.

China is busy turning the global challenge of climate change into a national opportunity, but it needs another decade to advance its technology to the point where superior manufacturing and lower costs will secure its dominance of the clean-tech sector. By giving China more time to develop its capacity while neglecting our own, America is not just losing the clean-tech race, it's forfeiting it.

Meanwhile, the banks that caused much of this mess are getting all their money back. A more equitable approach would require the banks to pay at least part of the bill - writing down the debts of some European governments or extending their maturities into the future to allow battered European economies time to recover.