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Leading Chinese credit ratings agency downgrades rating of United States government
Citywire.co.uk ^
| Wednesday July 14, 2010
| Dylan Lobo
Posted on 07/14/2010 1:59:24 PM PDT by jpl
In what could be seen as a sign that the world has been turned on its head, China's leading credit rating agency has stripped the UK, the USA, Germany and France of their AAA-ratings.
Dagong Global Credit Rating, has cut the US to AA, while the UK and France are have been cut to AA- with Spain and Italy ranked at A-.
At the same time, Dagong has upgraded China to AA+, putting in it the same category as Germany, Holland and Canada.
The rationale is based on the simple prognosis that the growth potential in China is far greater than in the debt-laden economies of West.
Dagon chairman Guan Jianzhong said: '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.'
Dagong also sees Australia and New Zealand as among the strongest nations, slapping an AAA-rating on them. They are joined by Norway, Denmark, Switzerland and Singapore.
It's not clear exactly how Dagong came to its conclusions, which widely counter the views held by established agencies Fitch, Moody's and S&P.
TOPICS: Crime/Corruption; Front Page News; Government; News/Current Events
KEYWORDS: bankruptcy; china; credit; debt; economy; government
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Uh-oh. Years ago this wouldn't have concerned me, but China is now one of our biggest creditors. And so it begins...
1
posted on
07/14/2010 1:59:27 PM PDT
by
jpl
To: jpl
The ChiComs sent me a credit ap and I simply told them I was not paying them back.
2
posted on
07/14/2010 2:00:58 PM PDT
by
griswold3
('Regulation and law without enforcement is no law at all)
To: jpl
Watch it fall lower and lower the longer the usurper is squatting in our house.
3
posted on
07/14/2010 2:01:03 PM PDT
by
bgill
(how could a young man born here in Kenya, who is not even a native American, become the POTUS)
To: jpl
Sounds about right. At least one credit rating firm is being accurate.
4
posted on
07/14/2010 2:01:20 PM PDT
by
ConservativeMind
(The NAACP is a bunch of cracker-hating bigots and I condemn the NAACP for being a racist element.)
To: jpl
It must be racism.....call the NAACP!
5
posted on
07/14/2010 2:02:33 PM PDT
by
Dallas59
(President Robert Gibbs 2009-2013)
To: ConservativeMind
This is really bad. There’s no way we’re going to be able to continue borrowing money from them at the same rates that we have been accustomed to.
6
posted on
07/14/2010 2:06:29 PM PDT
by
jpl
(It's "My Big Fat Deadly Greek Riot", coming soon to a bankrupt socialist state near you.)
To: jpl
Interest Rates WILL climb.
7
posted on
07/14/2010 2:07:11 PM PDT
by
demsux
(Obama: THE job destroyer)
To: jpl
They’re still being too generous.
8
posted on
07/14/2010 2:09:25 PM PDT
by
perfect_rovian_storm
(The worst is behind us. Unfortunately it is really well endowed.)
To: demsux
As my Uncle used to say, “I’d rather owe it to you than cheat you out of it.”
9
posted on
07/14/2010 2:09:31 PM PDT
by
glorgau
To: glorgau
Why choose when you can do both?
10
posted on
07/14/2010 2:10:59 PM PDT
by
perfect_rovian_storm
(The worst is behind us. Unfortunately it is really well endowed.)
To: jpl; All
11
posted on
07/14/2010 2:14:12 PM PDT
by
musicman
(Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
To: jpl
12
posted on
07/14/2010 2:16:13 PM PDT
by
musicman
(Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
To: jpl
13
posted on
07/14/2010 2:26:02 PM PDT
by
IrishCatholic
(No local Communist or Socialist Party Chapter? Join the Democrats, it's the same thing!)
To: jpl
“It’s not clear exactly how Dagong came to its conclusions”
Follow the money folks...why would this occur ? Who would benefit ?
Lemme guess......
14
posted on
07/14/2010 2:31:35 PM PDT
by
onona
(dbada)
To: jpl
Oh yeah, all those wifeless Chinese men have nothing better to do than work
Imagine who are going to be the Chinese consumers in 20 years, with a missing generation of children and families
15
posted on
07/14/2010 2:34:07 PM PDT
by
silverleaf
(Those who can make you believe absurdities can make you commit atrocities.)
To: Dallas59
It must be racism.....call the NAACP! You mean the former NAAACP?
16
posted on
07/14/2010 2:54:43 PM PDT
by
CDB
( "How many divisions does the Federal Court have?"--Ken StalinCzar)
To: jpl
From SNL spoof: “I want you to kiss me when you do sex with me, Mr. President”.
17
posted on
07/14/2010 3:49:11 PM PDT
by
Eleutheria5
( Two-state solution: A bad idea whose time has gone.)
To: ConservativeMind
[quote]
Sounds about right. At least one credit rating firm is being accurate.
[/quote]
Yeah, and it’s just a coincidence that a Chinese rating agency ranks China as number one.
Worthless rating.
To: BenKenobi
Well, what other country, aside from China, has several trillion dollars of surplus, looking for a place to put it all.
Get real.
19
posted on
07/14/2010 4:43:22 PM PDT
by
ConservativeMind
(The NAACP is a bunch of cracker-hating bigots and I condemn the NAACP for being a racist element.)
To: BenKenobi
They didn’t place China in the first rank, but in the second - with Canada and Germany.
Sounds about right on present indications, frankly.
20
posted on
07/14/2010 4:47:06 PM PDT
by
headsonpikes
(Genocide is the highest sacrament of socialism - "Who-whom?")
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