We live in an increasingly degraded country. Our politics are degraded and a laughing stock to the word. Our military is demoralized and degraded with soldiers urinating on dead civilians and awaiting deployment orders for the next illegal intervention. Our education system has been degraded with standards falling and pervasive defunding. Our transportation system, ditto.
I could go on, but I don’t have to. We are all living the decline with downward mobility, jobless and foreclosures, to cite a few trends that make life so miserable for so many.
Now, our godlike financial ratings agencies have decided to degrade nine countries struggling to fix their financial crisis. The decision by Standard and Poors (Best renamed, “It is now Standard to Be Poor”) to downgrade credit ratings for France, Italy, Austria and six other European countries signals those nations that Wall Street has them by the cojones. Their costs for borrowing will go up.
They are being warned: We are in Charge. Do as we say!
Unreported in all of this, is that many of the companies that loaned them the money are part of a US led financial oligarchy. The Credit agencies—the same ones that legitimated fraudulent subprime lenders with no accountability—are part of the enforcement gang of today’s loan sharks who are squeezing Europe to pay up or else.
It’s been reported that when Greece finally gets a huge new loan from the European Central Bank and the IMF, most of the money will only touch down in Athens before being wired directly to Hedge Funds based in London who pushed the debt out in the first place and demand to be repaid first.
The hell with Greece’s needs.
Interesting: the Financial Times used the term “Vengeance” in its report.
“The eurozone debt crisis returned with a vengeance on Friday as Standard & Poor’s, the credit rating agency, downgraded France and Austria, two of the currency zone’s six triple A creditors, as well as other nations not in the top tier.”
S&P’s goal was not just about economics. It was political, to press Europe’s political leaders to move faster to please them—i.e., suspend democratic checks and balances if needs be, and do what Wall Street wants ASAP!
It was an act of bullying
It was also punitive because, according to Bloomberg, Europe was actually making progress in getting its house in order:
“S&P acted at the end of a week in which signs grew that Europe’s woes may be cresting as borrowing costs fell, evidence of economic resilience emerged and the European Central Bank said it had quelled a credit crunch at banks“ … //
… Unless something is done by those outside the system –-a more powerful global Occupy Movement for starters—we will all be on what Satyajit Das also calls “The road To Nowhere.” (full text).
(News Dissector Danny Schechter covers financial crime in his News Dissector blog His new book is “OCCUPY:” Dissecting Occupy Wall Street. His most recent film is Plunder that looks at the financial crisis as a crime story. Comments to this adress).