Beijing-based Dagong Credit Rating Co. is China’s leading credit rating agency and, despite the limited international influence of its ratings, it keeps pumping out sovereign debt downgrades for the industrialized West.
The latest nation up… or down as the case may be… is the UK. It was already cut from its triple-A standing — as indicated by ratings from US agencies — to AA- in Dagong’s first headline-inducing ratings release. Recently, the UK has again been downgraded, this time to A+ with a negative outlook, due to its deteriorating solvency.
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New Study Informs Burning London That Austerity Breeds Social Unrest
The title of this post could just have easily been “Study Supports What we Already Know,” but that was probably a little too vague. Of course austerity breeds social unrest, that’s a bit like saying smoking cigarettes often leads to lung cancer. Perhaps it’s to be expected that researchers take a bit longer, in this case almost a century, to demonstrate what common sense already leads one to believe.
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