TORONTO - If one took a quick survey of the dominant economic forces and heavyweights on the international stage certain players would quickly come to mind. There is China, the EU, maybe even Brazil and India - and of course the U.S.

This is a far cry from only a decade ago, when the U.S. would have been mentioned ahead of any other states. Instead, it has now become impossible to discuss the United States without addressing the monumental debt and restructuring challenges that lay ahead.

It seems that the world's financial institutions, from the IMF to credit rating agencies, are not convinced that the current administration is capable of tackling these issues. The United States' once-stellar credit rating will likely face a significant downgrade within the next three years.

In other words, they are following Ontario's lead into fiscal obscurity.

One would be hard pressed to cobble together a more disastrous economic model to adhere to. Just last year, Ontario's credit rating was downgraded to a AA-minus, dropping from a AA - meaning higher interest payments to service the province's debt. This debt of course has skyrocketed, which sparked some of this problem to begin with. So, not only are interest rates higher for future governments, the actual debt that this is measured against is out of control. This is what happens when Ontario's finances are overseen by someone like Dwight Duncan, who has next to zero real world business experience.

Perhaps it is too early to use the word crisis when talking about America - yet one is surely looming. A credit downgrade is hardly a crisis on its own, but it represents a tightening noose. This is especially true when the current administration maintains the bullish obstinacy and spending growth that brought them to this position.

Similar budget crunches have hit other countries - from Greece to Ireland and Portugal, such credit downgrades have provoked market backlashes. Ontario and America need to heed these warnings, and recognize that the patience/nerve of the international financial community is not in a state to be tested right now. Amid the efforts to recover from recession there is little appetite to throw good money after bad.

In the EU, despite their looming financial problems they have been conscious of the need to preserve momentum - their project depends on it. In Ontario, what do we have? In America? We both  suffer from a lack of vision and professional financial leadership.