US, UK To Lose AAA Credit Ratings

16 Mar

From Bloomberg:

The U.S. and the U.K. have moved “substantially” closer to losing their AAA credit ratings as the cost of servicing their debt rose, according to Moody’s Investors Service.

“Those economies have been caught in a crisis while they are highly leveraged,” (Moody’s managing director sovereign risk in London, Pierre) Cailleteau said, referring to the level of private and public debt as a percentage of gross domestic product.

Visit the website of Australian Professor Steve Keen, to learn why unprecedented private debt is huge threat to the Australian economy. Even greater than the Rudd government’s ever-growing public debt.

* On April 15th through 23rd, I will be joining Professor Keen in his 230km “Keenwalk” from Parliament House to Mount Kosciuszko, in protest against Australia’s property mania that has been driven directly by insane – and in my personal opinion, immoral – Federal Government and RBA policies, that have enticed hundreds of thousands of financially vulnerable Australians to take on large mortgage debts.

Please consider joining us, for the whole trek or even just for an afternoon section of the walk.

If you’d care to assist a genuinely worthy cause, then please consider sponsoring Professor Keen, or indeed myself. Funds raised will support the wonderful charity Swags For Homeless.

Thanks!

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