Now, as anticipated, a debt ceiling agreement has been reached and the wait is on to see whether the major rating agencies — Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings — will reaffirm or downgrade the US’ triple-A status.
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Rating Agencies Capitalized on the Debt Ceiling Fiasco
Filed Under: Gold Fundamentals, Stock Market Commentary, U.S. Dollar Tagged With: AAA, CDO, CDS, china, credit, credit ratings agencies, Debt and Deficit, Dollar Decline, DR EXTRA!, Egan-Jones, enron, EU, Europe, Fitch, Fitch Ratings, Legislation, macroeconomics, Markets, Moody's, Moody’s Investors Service, NRSRO, Politics, Portugal, President Obama, Republicans, Rocky Vega, S&P, Standard & Poor’s, Standard & Poor’s Ratings Service, subprime, WorldCom
Japan may be Looking at a “Lost Decade” Hat Trick
With the nuclear crisis in Japan, Moody’s is now worried that Japan could be looking at a third “lost decade” and a continued limping economy. For twenty years already, Japan has been compounding its load of government debt, which is already highest among the industrialized countries.
[Read more...]Filed Under: Gold Fundamentals, Stock Market Commentary, U.S. Dollar Tagged With: credit rating, Debt and Deficit, DR EXTRA!, economy, Fitch, government debt, industrialized countries, Japan, lost decade, Markets, Moody's, nuclear crisis, Rocky Vega, Standard & Poor's
AAA Ratings: A Grim Fairy Tale
How the ratings agencies have managed to emerge from the credit crisis unscathed and unregulated is a mystery…and a sham.
“Nothing is ever clear or certain in public,? we wrote in The New Empire of Debt. “Every error is someone else's fault. That is why so many men prefer it. The public world is so surrounded in fog that he thinks he sees half-naked nymphs behind every tree and $100 bills under every cushion.?
[Read more...]Filed Under: Gold Fundamentals, Stock Market Commentary, U.S. Dollar Tagged With: AAA credit rating, Addison Wiggin, credit ratings, Dagong Global, Debt and Deficit, Featured, Fitch, Investment News, Investment Strategies, Markets, Moody's, ratings agency, sovereign credit ratings, The Daily Reckoning
When Will the AA Batteries Run Out?
Dagong International Credit Rating, a new Chinese credit rating agency, purports to adhere to “fundamental principles of truthfulness, timeliness, and consistency.” It warns that “over-reliance on financing income and debt roll-over will ultimately lead to a strong reaction of bond market, thus when the borrowing costs and difficulties increase, the credit risks will burst dramatically.”
[Read more...]Filed Under: Gold Fundamentals, Stock Market Commentary, U.S. Dollar Tagged With: bond market, currencies, Dagong International Credit Rating, Debt and Deficit, DR EXTRA!, emerging markets, excessive debt, Featured, Fitch, Gold, Markets, monetary flaws, Moody's, S&P
China Throwing World’s “Biggest Creditor Nation? Weight Around
In a recent Financial Times interview, Guan Jianzhong, chairman of Dagong Global Credit Rating Co., lashes out with harsh words against “politicised and highly ideological” Western rating agencies. Guan insists Dagong Global ratings are superior to those of his competitors. He defends his agency's assessment, of rating China’s debt higher than the US, as being due to its status as “the biggest creditor nation in the world.?
[Read more...]Filed Under: Gold Fundamentals, Stock Market Commentary, U.S. Dollar Tagged With: Biggest Creditor Nation, china, Dagong Global Credit Rating Co, Debt and Deficit, Dollar Decline, DR EXTRA!, emerging markets, Featured, financial crisis, Fitch, Guan Jianzhong, Markets, Moody’s, Rocky Vega, Standard & Poor’s
S&P Dithers While Dagong Global Cuts US Credit Rating, Again
While two of the US’ most important credit rating agencies — Moody’s and Fitch — have maintained the US’ triple-A rating, Standard & Poor’s has yet to announce where it stands. That’s after already stating a 50 percent likelihood of downgrade if Congress failed to cut spending by at least $4 trillion over 10 years.
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