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.
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