Chinese Credit Rater Downgrades U.S.

Wall Street Journal ^ | Tuesday November 9, 2010 | Matt Phillips

[jpl]

Dagong Global Credit Rating Co., the Chinese rating company that was recently rejected in its bid to be an officially recognized bond rater in the U.S., just downgraded the entire U.S. The always objective Xinhua has the “scoop.”

The United States has lost its double-A credit rating with Dagong Global Credit Rating Co., Ltd., the first domestic rating agency in China, due to its new round of quantitative easing policy.

[FromLori]

I agree those evil creeps!

[Michael Barnes]

And what are we going to replace the dollar with? Euros? Chinese currency? A basket of currencies? Gold? Nope, nope, and nope.

Well, for starters, lets not have a "Federal Reserve Note"...

[Carling]

It doesn’t matter what we think. It matters what the Chinese think, and I’m guessing they are with Daogang.

[Bloody Sam Roberts]

So it begins

Yep. Here it comes. I pray everyone is prepared for what's coming. China will be calling the tune.

[JohnKinAK]

Actual Report:

http://www.dagongcredit.com/dagongweb/uf/USARatingReport.pdf

[BenKenobi]

Apparently so. It’s China so it must be true!

This is just commie propaganda.

[Non-Sequitur]

...the Chinese rating company that was recently rejected in its bid to be an officially recognized bond rater in the U.S...

You don't suppose that influenced their decision any, do you?

[BenKenobi]

So we should believe communist propaganda? Please.

This is completely worthless, but I guess it’s good that people believe it. Makes the dollar cheaper.

[VanDeKoik]

And what are we going to replace the dollar with?

Is this stuff still worth anything?

[Red in Blue PA]

Do you people trust Daogang over the likes of Standard and Poors, Moody’s and Fitch?

You mean those guys who MISSED the dot com bubbl, the real estate bubble, the mortgage backed security debacle......?

Why should ANYONE trust them?

[Red in Blue PA]

This is just commie propaganda.

Yeah, it's not like our debt is spiraling out of control::roll eyes::

[Carling]

That wasn’t my point. Printing money devalues the dollar, and China is the primary holder of this diminished asset. Hence, it doesn’t matter what I think about Daogong, or Moody’s, or etc. etc.

Other economic powers are not happy about Bernacke’s decision. Brazil last week is already on record criticizing QE2. I’d like to know the rationale behind QE2, because frankly, it seems to me like the intent is to harm our economy and expedite the inflationary process.

[OregonTide]

What will we do with our dollar? Real easy answer....the government will do a reverse split. Bring in your old dollars and get 10 for 1. We all feel richer but ultimately poorer.

[jpl]

Exactly. When I was growing up, my dad used to like to tell me things like "beggars can't be choosers" and "he who pays the piper names the tune".

It's amazing how even some conservatives don't seem to understand this.

[cake_crumb]

"We need to do what Reagan did in the early 80s to strengthen the dollar"

Instead, the idiots running the Fed, failing to spend their way out of debt, now plan to inflate their way out of it. Here come double digit interest rates.

[Blue Turtle]

So what should we do with our money? Take out of savings? How can we prepare?

[JohnKinAK]

The days of preparing are nearing their end. The days of dealing with a new reality are neigh. Is it the SHTF/TEOWAWKI? I don’t think so, but our standard of living is going to take a major hit.

That being said:

There’s a guy who posts link to a prepper manual on a lot threads, find it and read it. There are also many websites on the issue.

[mas cerveza por favor]

Chinese rating company that was recently rejected in its bid to be an officially recognized bond rater in the U.S., just downgraded the entire U.S.

I am going to start my own credit rating website. Anyone who will not hire me gets a low rating.

[mas cerveza por favor]

Do you people trust Daogang over the likes of Standard and Poors, Moody’s and Fitch?

You mean those guys who MISSED the dot com bubbl, the real estate bubble, the mortgage backed security debacle......?

What do you expect? These rating companies got paid plenty of money to rate the dot com, real estate, and mortgage companies. That is what they are in business for.

[BenKenobi]

I agree, however the US is still the tall man among midgets. Despite all that Bernanke has done, the US is still in better shape than everyone else.