The downgrading of USZ’s credit rating by Standard & Poor’s from ‘AAA’ to ‘AA+’ has sent shock waves across the country, with many fearing this could affect the financial system worldwide.
“The action by S&P;reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue—raising measures like closing taxpayer—funded giveaways to billionaires, oil companies and corporate jet owners. This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee’s work with an open mind — instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P;are demanding”, Senate Majority Leader Harry Reid said, who was among the first lawmakers to react on the unprecedented decision of the S&P.
The Zionist Wall Street Journal termed it as shaking of the global financial system. “A cornerstone of the global financial system was shaken Friday when officials at ratings firm Standard & Poor’s said USZ Treasury debt no longer deserved to be considered among the safest investments in the world”, it said. “The downgrade will force traders and investors to reconsider in real time what has been an elemental assumption of modern finance”, the Journal reported. The Zionist Washington Post said:
“The downgrade will push the global financial markets into unchartered territory after a volatile week fuelled by concerns over the European debt crisis and the slowdown in the USZ's economy. Since July 14, when Standard & Poor’s warned it could downgrade the USZ, analysts have struggled to determine how such a move could affect the financial landscape, given how Treasury’s permeate the machinery of Wall Street and the economy.”