HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » This is what ReTHUGs want...
Introducing Discussionist: A new forum by the creators of DU

Sat Feb 23, 2013, 03:30 AM

This is what ReTHUGs want for America - Austerity - Britain stripped of its AAA-rated debt status

http://www.guardian.co.uk/business/2013/feb/23/george-osborne-britain-aaa
<snip>
Britain was stripped of its AAA-rated debt status for the first time ever on Friday night in a move that puts pressure on George Osborne, who had pledged to use his austerity measures to protect the rating.

The chancellor, who had 12 hours' notice of the decision by Moody's ratings agency, insisted he would stick to his course and had "redoubled" his resolve to tackle Britain's financial problems. However, the downgrading will have major political implications for the coalition.

Labour and the Tories acknowledge that the next election is likely to be decided on the debate over the best way of fixing the economy. Osborne, however, will be forced to listen to a series of opposing politicians reminding him of his previous promises that he would maintain Britain's top rating. Shadow chancellor Ed Balls saidon Friday: "This credit rating downgrade is a humiliating blow to a prime minister and chancellor who said keeping our AAA rating was the test of their economic and political credibility."

Moody's, the first of the major agencies to remove the UK from the elite club of AAA countries, blamed "subdued growth" and a "high and rising debt burden" for the decision to cut the rating by one notch to AA1.
------------
Bye Bye Cameron et al

5 replies, 590 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 5 replies Author Time Post
Reply This is what ReTHUGs want for America - Austerity - Britain stripped of its AAA-rated debt status (Original post)
malaise Feb 2013 OP
HiPointDem Feb 2013 #1
malaise Feb 2013 #2
HiPointDem Feb 2013 #3
malaise Feb 2013 #4
A HERETIC I AM Feb 2013 #5

Response to malaise (Original post)

Sat Feb 23, 2013, 03:55 AM

1. well, personally, since the credit rating corps are proven fraudsters, i don't think it means

 

diddley.

The only triple-A countries are:

Switzerland, Sweden, Singapore, Hong Kong, Norway, Netherlands, Luxembourg, Liechtenstein, Germany, Finland, Denmark, Canada, Australia.

About half of them are tax havens. Sweden started going neo-liberal in the 80s and is a shell of her old self. Canada, Australia, Norway = resource colonies, but australia's mining boom seems to be over & canada's housing boom seems to be busting. I think I read that Norway's oil is declining but not up to speed on that. Hong Kong & Singapore = fascist city-states.

So finland, netherlands, denmark, germany.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to HiPointDem (Reply #1)

Sat Feb 23, 2013, 04:20 AM

2. Valid point re fraudsters but

austerity does not work

Reply to this post

Back to top Alert abuse Link here Permalink


Response to malaise (Reply #2)

Sat Feb 23, 2013, 05:05 AM

3. didn't say it did; just saying that the credit agencies were pumping the real estate bubble

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to HiPointDem (Reply #3)

Sat Feb 23, 2013, 06:11 AM

4. True

and they should be discredited.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to malaise (Original post)

Sat Feb 23, 2013, 07:58 AM

5. Here's the practical difference between AAA and AA1;

AAA = "We really, really, really, really will pay you back."
AA1 = "We really, really, really will pay you back."

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread