… AS USUAL, YOU ARE 3 STANDARD DEVIATIONS OF TIME LATE
Readers of Notes From Underground are aware of my total disdain for the three major rating agencies as they have sold their souls to the Wall Street money machine years ago. In an effort to regain some lost innocence, they are attempting to downgrade the nation-states of the world prior to economic calamity. The people at S&P were determined to downgrade the U.S. even when the U.S. Treasury pointed out that their math was flawed and the deficit going forward was off by a mere $2 trillion. Why should I put any value in a rating group that cannot even do the maths correctly and admit they were off by $2 trillion. Do we rally need the whores at S&P to tell us that the U.S. is a problem? Hey, GOLD is trading $1665. Don’t you think the market has already done its ratings?