China doesn’t seem to be pleased with the debt-increase deal we reached. (Russia also had some choice words for us, but as they really aren’t an economic force in the world today, I choose to ignore them in this matter.)
My question to China: why do you keep lending us money? I realize this is a bit like the addict blaming his dealer for his problems, and I acknowledge that our crushing debt is all of our own making. But damn. Isn’t it time for us to be cut off? It would be really nice if the world would act as our friendly bartender, tell us last call, and to go home and sober up.
Moody’s Investors Service and Fitch Ratings say their AAA credit ratings for the U.S. may be downgraded if lawmakers fail to enact deficit-reduction measures and the economy weakens. China’s Dagong Global Credit Rating Co. today cut its grade for the U.S. to A from A+ with a negative outlook.
I have absolutely no faith in any of the rating agencies anymore if the U.S. is still triple A. That is obviously a farce. I wonder, but am to lazy to actually research, what were Greece and Portugal rated right before their s### hit the fan?