The credit agencies have been busy with a new round of threats. Here’s one:
Standard & Poor’s said Japanese Prime Minister Yoshihiko Noda’s administration hasn’t made progress in tackling the public debt burden, an indication it may be preparing to lower the nation’s sovereign grade.
Portugal suffered a double blow Thursday after Fitch Ratings downgraded its debt to junk
And yet another:
Moody’s Investors Services warns it could downgrade the U.S. government’s top credit rating if Congress backs off $1.2 trillion US in automatic deficit cuts scheduled over the next decade.
I do believe the world’s credit agencies are readying their escape pods and are preparing to escape the gravity of the Earth they’ve helped create.