Posted on 11/09/2010 8:35:35 AM PST by 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.
(Excerpt) Read more at blogs.wsj.com ...
Goodbye dollar, you sure were nice while you lasted. :(
We need to do what Reagan did in the early 80s to strengthen the dollar
Wow just posted about this on another thread this is the market ticker guys take on it..
Tuesday, November 09, 2010 10:08:03 AM
(CH) Chinese rating agency Dagong Global Credit downgrades US credit rating due to QE program (update) - Chinese press
- Cut long term US sovereign rating one notch to A+ from AA, with a negative outlook.
- “The serious defects in the U.S. economy will lead to long-term recession and fundamentally lower the national solvency. The credit crisis is far from over in the United States and the U.S. economy will be in a long-term recession.” Weaker dollar will hurt US ability to attract dollar capital reflow. “In essence, the U.S. government’s move to devalue the dollar indicates its solvency is on the brink of collapse”
More http://market-ticker.org/akcs-www?post=171703
And what are we going to replace the dollar with? Euros? Chinese currency? A basket of currencies? Gold? Nope, nope, and nope.
They’re right.
And Cloward / Piven marches on.
Dagong it!
This is what a trade war looks like in the age of ‘free trade.’
So it begins, and while the swingin’ party couple and their posse are overseas, not that they’d know what to do about it, of course.
I propose a basket of commodities.
Someone needs to go into the business of creating the “Util” unit of exchange. It should be backed by actual gold, silver, platinum, oil, wheat, copper, coffee, etc. Those commodities should be regularly audited to ensure they actually exist in ownership by the steward of the “Util.”
Then, people around the world can choose to contract and pay in worth-less Dollars, risky Euro, politically controlled Yuan, or the solidly backed Util.
I want to be a Trillionaire. I’ll invent the “Util.”
Do you people trust Daogang over the likes of Standard and Poors, Moody’s and Fitch?
That’s a really good idea, but there has to be some kind of entity behind it. Maybe you and I should start it, I don’t trust any government or the UN or the IMF or the World Bank.
“The brink of collapse.”
Such rosy optimism.
lol but realistic
You mean the guys who were either stupid idiots or lying for all those years about all those "mortgage backed securities" that were worthless piles of crap, which led to a near-total crash of our economy?
Sorry, I don't believe a word that comes out of the mouth of Warren Buffett or any of those Wall Street jokers. Honestly, have you been living in a cave these last three years or what?
ping
But I thought Glenn Beck was “depressing and nuts and a fear monger”? He only keeps beating this into our heads on every single show.
Just great.
I don’t blame China one bit. This is a strong warning. They don’t want hyperinflation either.
This downgrade will be heard around the world.
This is being done by the Fed and Geithner on purpose. Obama has announced to the world that we are “in decline.” They want the Chi-coms and Muslims dominating the NWO.
Get ready for the Global Guided Guild currency, easily implantable into your forehead or wrist, and pay no mind to the shape of that GGG mark.
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