China’s credit rating agency Dagong has downgraded the U.S. rating from A to A-
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Thumbs down: Chinese rating agency downgrades US
Dagong thinks the US government debt, currently $16.7 trillion, and spread domestically and internationally, is rated too high.
Sixty percent of foreign currency holdings are in dollars, with a total dollar equivalent of $6 trillion.
If the US were to renege on its debt obligations, central banks around the world that hold Treasury Bonds as reserves would be in trouble.
China, which holds roughly $1.3 trillion in US Treasury bonds, and is quite vulnerable to a US economic collapse, criticized lawmakers handling of the debt ceiling debate. State-owned Chinese media lambasted it as a ‘manufactured crisis’.
Russia, the 11th largest holder of US debt with $131.6 billion, has significantly reduced its stake in Treasury Bonds.
According to Bloomberg, Russia has trimmed its holdings by 25 percent from a record high on October 31, 2010.
“Such events result not only in short-term jumps in volatility, but also an erosion of trust in the dollar as a reserve currency and the American financial system as a whole,” Nabiullina told Bloomberg in an emailed statement on October 15. –http://rt.com/business/china-dagong-us-downgrade-306/
READ More: http://rt.com/business/china-dagong-us-downgrade-306/
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Banking 101: Self-Education is the 1st Step to Understanding the Global Banking Crime Syndicate
Banking has evolved to become the biggest crime syndicate in the world spreading its misery to the four corners of the earth. However, since schools will never teach you the truth about banking and the monetary system, today still too few people understand this. Self-education is the only way to root out the truth about banking.
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Throughout history there have been 775+ fiat currencies backed by nothing. Not ONE has survived the test of time, with the average lifespan being 27 years after huge price devaluation of said currencies.
[The bullion banksters sold off 2,000,000 ounces of paper gold in less than 4 minutes!
It was a single sell order. That is both criminal and insane!
No one is allowed to do that, and no investor would want to do that even in a desperate need for cash! That was plain fraud at the highest level.
Not one ounce of PHYSICAL GOLD was sold in that single sale valued over $2 Billion dollars.]
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Reblogged this on Giftoftruth United.
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Reblogged this on Spartan of Truth.
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