Next Gen News

• S & P lowers U.S. credit rating from AAA to AA + for the first time
• China says it has 'every right to ask,' \ U.S. debt deal

In a comment article the official Xinhua news agency said China had "every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets. International supervision over the issue of US dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country."

Glenn Uniacke, senior trader at Moneycorp, said that it easier for the U.S. jobs figures. "With employment growth in the world 's top consumer market is an indicator of the future strength of the global economy, today' s non-farm payroll numbers gave the market a modest positive surprise and Obama some short respite following the bloodletting of the weeks past, "he said.

"However, the data won 't stop the rot and is not sufficient to change the bearish outlook of traders, with a sustained speed of 200,000-plus needed for all major positive impact on unemployment. The markets were seen to oscillate wildly just after the data, uncertain how to interpret the light beam in an otherwise gloomy weeks. "

The British economist Baroness Vadera, a former Labour Minister and G20 consultants who played a role in the development of a rescue package for the international banking system at the time of the 2008 crash, said the current crisis could be worse.

She told BBC Newsnight: "It feels so scary, but it's different The reason is it is possibly worse, governments that came in [in 2008-09] all over the world and saved the banking system to rescue their economies . but now who will step in to save the government?

"When we went into this crisis, interest rates were very high, so we have the monetary policy as an instrument and now we are at the outer limits of this. Finally, we are currently facing a number of inflationary pressure, particularly from commodities and emerging markets, so our scope is much more limited. "