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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>S&amp;P Negative Watch for US Flagged Financial Sector as Major Risk | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="be6pC8Q8NQ"&gt;&lt;a href="https://www.nakedcapitalism.com/2011/04/sp-negative-watch-for-us-flagged-financial-sector-as-major-risk.html"&gt;S&amp;P Negative Watch for US Flagged Financial Sector as Major Risk&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2011/04/sp-negative-watch-for-us-flagged-financial-sector-as-major-risk.html/embed#?secret=be6pC8Q8NQ" width="600" height="338" title="&#x201C;S&amp;P Negative Watch for US Flagged Financial Sector as Major Risk&#x201D; &#x2014; naked capitalism" data-secret="be6pC8Q8NQ" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Yes, I know I dissed the S&amp;P report as fundamentally wrongheaded, but as we will discuss shortly, it contained some interesting commentary on the US financial sector that has gotten perilously little notice.  But I'd first like to address the way the media and some blogosphere commentators have hopelessly muddied the issues on the downgrade scaremongering. One is the "we depend on foreigners to fund our budget deficit" hogwash. As Michael Pettis pointed out, the idea that the US is funding its federal deficit from foreigners is a widespread misconstruction.</description></oembed>

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