The US has enjoyed AAA rating from Moody since 1917 and from S & P's since 1941, the beginning of US trajectory to global dominance. The Standard & Poor's downgrade of the US to AA+ on 6 August 2011, the first time in the history of ratings, seems to mark the end of a unipolar era. It also underpins the emergence of a multi-polar world with much less binary mindsets and modes of engagement as outlined in Dilip Hiro's book "After Empire: The Birth of a Multipolar World" (Nation Books, 2009)

For a synopsis see a reprint of Chapter 11 Pages 271-281 published in YaleGlobal Online –

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