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Ron Delnevo's Blog
Blogs » Ron Delnevo's Blog
Credit Rating- A Storm In A Coffee Cup?
I find it hard to credit (pun intended) that the World's largest economy - the USA - has had its credit rating reduced.
There is no doubt that politicians seem to have been playing a dangerous game of "who will blink first" with the funding of the US Government.
However, and it is a big however, the credit rating agencies surely didn't suddenly become aware of the $14trillion public debt? Everyone who can read a newspaper, or surf the web, knows that the US has been piling on debt for years.
In truth, whether the US debt is $10, $14, $18 or even $20trillion makes little difference in the long run. The strength of the US economy remains formidable. The $ will remain the World Reserve Currency - which other currency will anyone truly trust?
The credit rating agencies have their jobs to do and they can provide valuable data. However, many believe that they go beyond what is helpful or appropriate in their "grading" of nation states' economies.
If the USA credit rating is not triple A, then that rating should no longer be available to any country.
The World needs a triple A-rated United States.
I have no doubt the USA rating will be restored in the very near future.
WE ALL BADLY NEED THIS TO HAPPEN.
Tuesday, 9th August 2011
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