Friday, February 22, 2013

It was nice while it AAA lasted

Having accidentally forgotten to spot anything to do with the sub prime mortgage racket,  Credit ratings agencies are playing a new game


And so,  please everyone, let us hold a moments silence for that once proud AAA credit rating of the United Kingdom (UK)

The UK is now downgraded to Aa1

The rationale is here

Meanwhile in Switzerland
Where the Swiss government has disgracefully prevented a floating CHF currency exchange rate since 2011 by printing money (to weaken the Swiss Franc).

In recent months it seems the currency floor of 1.20 CHF per Euro has been strengthening (getting worse).   Perhaps the printers have some spare inks and need to make it even easier for Swiss exporters at the further expense of the entire Swiss public.   Thanks Swiss National Bank.