> Marshall Auerback: A Beer(s) Hall Putsch From the Rentiers? > > By Marshall Auerback, a hedge fund manager and portfolio strategist > So the ratings agencies have reared their ugly heads again. David Beers, head > of S&P’s government debt rating unit, announced Friday night that S&P has > downgraded the U.S. credit rating for the first time, from AAA to AA+. It’s a > sham: S&P’s whole analytical framework reflects ignorance about modern money. > If the US government, Treasury, and the Federal Reserve, capitulate to this > outrageous act of economic extortion, it will effectively be sanctioning a > beer hall putsch by the rentier class.
> Justifying its decision, Standard and Poor said “political brinkmanship” in > the debate over the debt had made the U.S. government’s ability to manage its > finances “less stable, less effective and less predictable.” It said the > bipartisan agreement reached this week to find at least $2.1 trillion in > budget savings “fell short” of what was necessary to tame the nation’s debt > over time and predicted that leaders would not be likely to achieve more > savings in the future.< Cute, clever, but let's get rid of Nazi references (unless they're to actual Nazis). -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
