More NEWS at www.newzzcafe.com While others huff and puff, and threaten to do what had to be done ages ago, the one truly independent and capable NRSRO, Egan-Jones, downgraded the US from AAA to AA+ over the weekend. “We are taking a negative action not based on the delay in raising the debt ceiling but rather our concern about the high level of debt to GDP in excess of 100% compared to Canada’s 35%.” Luckily for the status quo there are no trillions in structure finance and money market instruments tied to the AAA rating of the US. If this downgrade had been performed by Moodys or S&P, or even France-owned Fitch, today would have been a bitter appetizer of what is ultimately coming. www.zerohedge.com
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