I was wondering whether the title should have a ‘?’ after the word status, then decided against it !
Any other country in the world with the same statistics as USA would have been down graded..a few notches. However all the credit rating companies (you have to smirk when you talk about them) are based in US – and they are perhaps too patriotic. So you will never get a warning signal of the US fall to Junk status.
When the Japanese companies were buying US bonds in the 1970s, the Yen was 350 = 1$. Now we will see 75 yen = 1$. This means the US has already got a 70% discount on its debt. Given such a poor track record, is the US on any kind of a fiscal discipline mood? No, no way. Obama is as arrogant as only an American president can be – and continues to tell the world how it should behave.
Read on WSJ says it is obvious to everybody that the US should be down graded….
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