The downgrading of the United States credit rating is not in itself a big deal, it is, however, symptomatic of a wider trend whereby the Americans are seen to be a failing power, unable to manage wither it's foreign or domestic financial affairs, never mind lead the world. In contrast, China has been flexing it's economic muscles since the start of the current economic downturn and is now in a position to not only claim to challenge the US position as world hegemon but indeed to put forward it's case as the senior partner in a symbiotic relationship between the two giants.
http://www.bbc.co.uk/news/world-us-canada-14430598
http://www.nytimes.com/2011/08/07/business/global/china-a-big-creditor-says-us-has-only-itself-to-blame.html
http://blogs.forbes.com/kenrapoza/2011/08/06/the-post-western-world/
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