Msg. 05511 of 54959 (This msg. is a reply to
05510 by
clo)
Jump:
Hi clo,
This may be true, but these agencies are not monolithic. They will surely have some better folks and some worse ones. We need credit rating agencies in the current structure. But the sovereign debt folks appear to have adopted a Chicago analysis, where the neo-Keynesians have seemed to me to be most accurate. Inflation was the canary in the coalmine. Special conditions seem to apply during a liquidity crisis. Deflation is persistent, hyperinflation is non-existent.
The problem we are facing results from the rate of growth. In the main, that is what needs fixing.
Remember, these same credit agencies stood by as Rome crumbled in 2008....
Originally they only wanted a clean debt ceiling lift, until they watched the mess going on in congress. Then they made other demands, cut the deficit.
Now, I think they are attempting to make themselves relevant, at Our peril. clo
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