Wednesday, February 18, 2009
Instead of downgrading the sovereign credit ratings of the U.S. and the UK, Moody's is instead playing games.
Remember, Moody's is one of the credit rating agencies which "sold their soul to the devil for revenue'', fraudulently inflating the ratings of failing corporations.
Moody's has just created 3 subcategories of AAA sovereign debt, with the highest subcategory - "resistant" - being reserved for Germany, France, Canada and the four Scandinavian countries.
The U.S. and UK are placed a notch down in the "resiliant" category.
And Ireland and Spain are in the worst - "vulnerable" - group.
In fact, Spain and Ireland are already broke. Standard & Poor's long ago stripped Spain of its AAA rating, and put Ireland on a watch list.
As one writer points out, this new scheme comes on the same day that Alan Greenspan blamed the credit rating agencies for the economic crisis.
However, Peter Schiff has a more sinister explanation for why the U.S. is still hanging on to its AAA rating - it's blackmailing the ratings agencies.