U.S. Stripped of AAA Credit Rating

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Oct 10, 2009
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Chinese rating agency strips Western nations of AAA status
Dagong Global Credit Rating Co used its first foray into sovereign debt to paint a revolutionary picture of creditworthiness around the world, giving much greater weight to "wealth creating capacity" and foreign reserves than Fitch, Standard & Poor's, or Moody's.

The US falls to AA, while Britain and France slither down to AA-. Belgium, Spain, Italy are ranked at A- along with Malaysia. Meanwhile, China rises to AA+ with Germany, the Netherlands and Canada, reflecting its €2.4 trillion (£2 trillion) reserves and a blistering growth rate of 8pc to 10pc a year.

Dominique Strauss-Kahn, chief of the International Monetary Fund, agreed on Monday that the rising East is a transforming global force. "Asia's time has come," he said.

The IMF expects Asia to grow by 7.7pc in 2010, vastly outpacing the eurozone at 1pc and the US at 3.3pc. Emerging nations hold 75pc of the world's $8.4 trillion (£5.6 trillion) of reserves.

Dagong rates Norway, Denmark, Switzerland, and Singapore at AAA, along with the commodity twins Australia and New Zealand.

Chinese president Hu Jintao said in April that the world needs "an objective, fair, and reasonable standard" for rating sovereign debt. Dagong appears to have stepped into the role, saying its objective was to assess countries using methods that would "not be affected by ideology". "The reason for the global financial crisis and debt crisis in Europe is that the current international credit rating system does not correctly reveal the debtor's repayment ability,"

U.S. Stripped of AAA Credit Rating...By China
Despite repeated warnings going back several years from Moody's, S&P et al that the U.S. could lose its top credit rating with ongoing fiscal deficits and heavy debts, the platinum-plated AAA rating of the United States seems all untouchable.

The top notch rating certainly has helped with continuing debt financing and bolstered the confidence of some government officials. Secretary Geithner, for example, said in a February interview that the U.S. government "will never" lose its credit rating, despite big budget deficits and a newly raised debt ceiling of $14.3 trillion.

Along came a Beijing-based rating agency--Dagong International Credit Rating Co. Its first order of business is to downgrade sovereign debt ratings on some major Western nations, while slamming its Western counterparts.

"The reason for the global financial crisis and debt crisis in Europe is that the current international credit rating system does not correctly reveal the debtor's repayment ability."
 
China was actually being benevolent to us by giving a AA rating.
Kissing Communist Chinese cheeks I don't think was in our forefathers' plans.
My fellow American's, pucker yer' lips, cuz we ain't got no choice!
 
China was actually being benevolent to us by giving a AA rating.
Kissing Communist Chinese cheeks I don't think was in our forefathers' plans.
My fellow American's, pucker yer' lips, cuz we ain't got no choice!

Now watch the interest rate on those loans begin to rise.
 
Since emerging nations hold 75% of the world's $8.4 trillion of reserves, their credit rating carries more weight than ours.
 
we like communist when the bash Obama. OK got it.
Can China even spell accounting, they hire Americans to sit in meeting wearing suites makes them look like they are accomplishing something. LOFL
 
we like communist when the bash Obama. OK got it.
Can China even spell accounting, they hire Americans to sit in meeting wearing suites makes them look like they are accomplishing something. LOFL

It's not just China. IMF calls for deficit cuts in US

The Chinese have Obama, Geithner & Bernanke filling many of those suits in the meeting.

Obama_Hu.JPG

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WEll...what did we expect when we spent money on senseless wars of Empire that were designed to return NOTHING to the nation which paid for it?

Sooner or later of course the fact that we've got a system this corrupt would effect our national credit worthines.

The solution is pretty simple.

Stop building empires that bill the American people, while only really benefitting the a select group in the private sector.

We can approach this pone of two ways.

Either we continue building empire and just flat out admit that we're taling over the resources of other nations in behal;f of the PEOPLE,

or...

We can just stop building empire entirely.

My choice the latter, of course.

It'll never happen though because the people in CHARGE of this so called Republic get all the benefit of bankrupting this nation and they don't have to pay the frieght for empire building, do they?

No instead they actually make piles of money both supplying for the wars of the Empire, and then with sweetheat deals when the spoils of war are divied out.

Nice system for THEM.

But it sucks for the nation itself.
 
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Progressives are well along their path to destroying the USA. Again, I give them credit for planning it and sticking with it all these years
 
I hope the republiKlans are not buying now.

Please wait for the top to buy. fools
 
we like communist when the bash Obama. OK got it.
Can China even spell accounting, they hire Americans to sit in meeting wearing suites makes them look like they are accomplishing something. LOFL

That last sentence was just fucking ignorant.
 
I hope the republiKlans are not buying now.

Please wait for the top to buy. fools

I bought in at Dow 8100 & rode to 10600 & sold. Recently Bought in at 9800 & will sell when gas hits $3.00 or just before 3rd quarter earnings. 2nd quarter earnings were ok but defiantly not stellar like topspin has been saying they would be on other post. Corporations are cost cutting alowing them to eek out bottom line earnings but Top-line sales suck.
 
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between empire building and cradle to grave entitlements, this country is fucked, only when an actual conservative gets voted in do we have any hope.
 

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