If you take out the word "Ceiling," then I agree with Moody's.
"Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
debt ceiling is meaningless. An imaginary number (like most numbers in DC) that gets changed when it needs to get changed. Only important now because the publicity can be used for political (2012) advantage. Funny how the two disagreeing parties have both done a 180 since the last time it came up. I suspect their stance then, and now, has nothing to do with what's best of us all, and everything to do with what they think is best for them.
"It also cited the example of the Maastricht criteria in Europe, which determines that the ratio of government debt to GDP should not exceed 60 percent."
Sounds like Moody's is SERIOUSLY concerned that we will default....
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
"It also cited the example of the Maastricht criteria in Europe, which determines that the ratio of government debt to GDP should not exceed 60 percent."
Has anyone checked these ratios recently? >>
LOL The "quality" countries in Europe, France and Germany, are over 80%. Switzerland is at 40%, but with a GDP that ranks about 40th in the world, it is hardly a major economy. In fact, the Swiss economy is about 35% smaller than that of Poland.
Sounds like Moody's is SERIOUSLY concerned that we will default
If by default you mean not paying those who directly own our debt, then that aint gonna happen. If you mean default on promises made to entitlement programs, then I certainly hope you are right.
vibr0nic
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And that was my profound 1000th post.
not satire in my opinion.
bob
Give Me Liberty or Give Me Debt
"It also cited the example of the Maastricht criteria in Europe, which determines that the ratio of government debt to GDP should not exceed 60 percent."
Has anyone checked these ratios recently?
<< <i>Here is a very amusing statement:
"It also cited the example of the Maastricht criteria in Europe, which determines that the ratio of government debt to GDP should not exceed 60 percent."
Has anyone checked these ratios recently? >>
LOL The "quality" countries in Europe, France and Germany, are over 80%. Switzerland is at 40%, but with a GDP that ranks about 40th in the world, it is hardly a major economy. In fact, the Swiss economy is about 35% smaller than that of Poland.
Sounds like Moody's is SERIOUSLY concerned that we will default
If by default you mean not paying those who directly own our debt, then that aint gonna happen. If you mean default on promises made to entitlement programs, then I certainly hope you are right.
Knowledge is the enemy of fear