The US credit rating has once again been downgraded in the face of QE3.
Commit to printing press up a bunch of money (yeah, I know it's really more a matter of magick'ing up a bunch of ones and zeroes to make a loan), and one would rationally expect that your creditworthiness would decline.
Frankly I'm shocked that our credit rating is as good as it still is. Probably that's just because somebody has to be given a good credit rating, and we're the best of skid row.
To change the culture V: metahistory
2 days ago