Heterodox
It doesn't take a crystal ball to see where this is going. The conventional wisdom reinforced institutionally is that Venezuela is "bankrupt." Even though the bolivar is nominally pegged to the dollar, Venezuela is potentially a currency sovereign and has huge energy reserves. When the ruble was under attack, Russia floated the currency. Venezuela can make that choice, too. So the claim that Venezuela is "running out of money," or becoming "insolvent" is bogus.The obvious (neoliberal,...
Read More »TASS — Moody’s upgrades outlook on Russia’s sovereign rating to positive from stable
For what it's worth. Russia FeedMoody’s upgrades outlook on Russia’s sovereign rating to positive from stable TASS
Read More »Tyler Durden — Moody’s Warns Washington – USA Credit Rating At Risk Over Trump Tax Cuts
What exactly don't they understand about a currency sovereign?Zero HedgeMoody's Warns Washington - USA Credit Rating At Risk Over Trump Tax Cuts Tyler Durden
Read More »Zero Hedge — “Credit Negative For U.S. Government”: Moody’s Threatens Downgrade If Trump Tax Plan Is Passed
Moody's goes all proactive. As various institutions continue to publish very detailed estimates of how Trump's tax plan will impact the federal budget, which is somewhat amazing since income brackets haven't even been assigned yet, Moody's published a note today threatening to finally strip the U.S. of its AAA credit rating if the tax plan is ultimately passed as currently contemplated.... The deficit would be too big. Gotta cut some welfare.Zero Hedge"Credit Negative For U.S. Government":...
Read More »BBC News — UK’s credit rating downgraded by Moody’s
Moody's, one of the major ratings agencies, downgraded the UK to an Aa2 rating from Aa1. It said leaving the European Union was creating economic uncertainty at a time when the UK's debt reduction plans were already off course. Downing Street said the firm's Brexit assessments were "outdated". The other major agencies, Fitch and S&P, changed their ratings in 2016, with S&P cutting it two notches from AAA to AA, and Fitch lowering it from AA+ to AA. Moody's said the government...
Read More »Standard & Poor’s has its head up its ass yet again!
The idiots at S&P are at it again, downgrading China's "debt." This asinine rating agency does not understand the distinction between a currency issuing nation (of which, China is one) and a country that doesn't issue currency or, that has debt denominated in another currency.All of China's "debt" is denominated in yuan, which they have the monopoly power to issue. There is zero risk that China wouldn't be able to meet its obligations in yuan.Anyway, what do you expect from a firm...
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