Your missing an important point. The financial sphere is laying the groundwork for the default of the Western nations. This is at the heart of the Conservative revolution. It started 40 years ago and may take another 40 to complete.
The debt problems of sovereign nations is real. Let there be no mistake about that. Government debt especially US Treasury debt are the benchmark financial instruments in the world. The core asset upon which the banks and all financial entities. Ultimately the asset from which money is created. It is within the power of the financial sphere to stop accumulating sovereign debt. In fact this is the intention. While the Treasury borrowed $90 billion last week without a hitch and in fact the demand far outstripped supply someday that will end.
When the Treasury can no longer borrow what Congress appropriates then the financial sphere can and will dictate what government can spend on. The capture of government by corporations and their elites will then be complete. Moody's warning of sovereign debt downgrades is both a recognition of this in the future and propaganda designed to justify it.
No, actually YOU'RE missing the point, which is that Moody's spent the last few years juicing ratings of the firms it was rating. Why do they have any credibility at all?
If I was the president I'd start an independnet ratings bureau and put Moody's out of business
Rising Hegemon
7 comments:
Your missing an important point. The financial sphere is laying the groundwork for the default of the Western nations. This is at the heart of the Conservative revolution. It started 40 years ago and may take another 40 to complete.
The debt problems of sovereign nations is real. Let there be no mistake about that. Government debt especially US Treasury debt are the benchmark financial instruments in the world. The core asset upon which the banks and all financial entities. Ultimately the asset from which money is created. It is within the power of the financial sphere to stop accumulating sovereign debt. In fact this is the intention. While the Treasury borrowed $90 billion last week without a hitch and in fact the demand far outstripped supply someday that will end.
When the Treasury can no longer borrow what Congress appropriates then the financial sphere can and will dictate what government can spend on. The capture of government by corporations and their elites will then be complete. Moody's warning of sovereign debt downgrades is both a recognition of this in the future and propaganda designed to justify it.
i don't know about this story, but senate dems in interviews defending the stimulus or the jobs bill have been citing mark zandi a lot.
fuck wall street.
No, actually YOU'RE missing the point, which is that Moody's spent the last few years juicing ratings of the firms it was rating. Why do they have any credibility at all?
If I was the president I'd start an independnet ratings bureau and put Moody's out of business
First, socialize medicine, THEN the banks, and if they so desire, THEN the ratings bureaus.
Vox, aka anonymous
ratings should be done by non profits.
60 minutes had another segment a few months ago where whistle blowers at ratings agencies were fired for pointing to bad practices.
doesn't firing whistleblowers indicate guilt?
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