A snake in the hand is worth two unsighted.
Moody’s, you might remember was one of the agencies that admitted to the US Congress (at the height of the GFC) that they took money from firms in return for their AAA corporate rating. In other words, their lack of due diligence helped fuel the GFC.
So how much value should we put on a Credit rating agency’s assessment of a currency issuing government? The short answer is, zero.
Read more at: The Australian Independent Media Network
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