Trader Mark submits:This report on a Chinese rating agency downgrade of U.S. debt seems to be the cause of the (slight) selloff. Frankly, it's a gas that the U.S. still has AAA credit since it is spending like mad, with no end in sight, and no credible plan to take care of long term obligations other than for the Fed to monetize debt. Which if any other country offered as a roadmap would send them to "Argentina" status right quick. The power of the reserve currency!
To be fair, this will probably be forgotten by tomorrow (or in 30 minutes if the infamous SPY futures buyer shows up!) but for those of us detached from the Matrix, it is nice to see someone, somewhere in the world actually cares about reality. Not that China can do much about it at this point, because we are attached at the hip - they have the jobs, and the production, and the exports, and we send them cute pieces of paper in return.
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