Does the federal government’s “credit rating” need protecting?
Has everyone forgotten the role played by the so-called credit rating agencies in the global financial crisis? Have any of those who were responsible for the wrongdoing of those agencies been punished for their destructive activities? Absolutely not! They have been protect- ed from prosecution for their crimes.
In my view the credit rating agencies in question have no useful or constructive role to play in the world and should, at the very least, be closed down.
The very idea that a monetarily sovereign government (meaning one that issues its own independent currency and has a floating currency exchange rate) is at risk of default on the securities issued by its Treasury is quite absurd. The contrary examples provided by those who do not understand this reality are always of governments that are not monetary sovereigns.
Comments from Dr Geoff Davies: And John, they are not “agencies”, they are private corporations. Words are important and they hide behind this false front of legitimacy.Know someone interested? Please share