Spain – Standard & Poor’s has stripped Spain of its coveted AAA status in the first such move against a top-rated country since the global crisis began, reflecting the deep damage suffered by Spanish public finances as the debt bubble bursts.
But you have to ask how long it is before the United Kingdom coveted AAA rating is under threat, with the UK’s government printing money on a scale last seen in Robert Mugabe’s Zimbabwe, or the Weimar Republic and with it soon to be rampant.
‘Wanker’ Brown’s response to the economic situation lead Jim Rogers, one of the world’s leading investment guru’s to say get the hell out of Stirling, the whole system is finished.
The United Kingdom’s banks have taken it upon themselves with government encouragement to have liabilities of £4.4 trillion which is twice the GDP according to the Bank of England. What utter madness.
The United States has liabilities of $10 trillion and by all normal accounts should also be looking at losing its AAA rating.
But then again all those us and UK banks who are in such trouble are all rated AAA too, so the reputation of Standard and Poor’s credit rating system is going down the tubes just like the economies of the UK and The USA.
Do you believe Standard & Poor’s incredible credit rating index?