We’re all familiar with the story of Midas, the fabled king with the golden touch. We, it seems, are doomed to live while Barack Obmaa, the anti-Midas, bumbles through history.
Passing under the radar last week, while the media was engaged in an orgy of congratulating Barack Obama on his masterful foreign policy that led to two embassies being sacked and an ambassador and other staff being killed was this:
Credit rating agency Egan-Jones is downgrading its rating on U.S. debt to AA- from AA, citing Federal Reserve plans to try to stimulate the economy.
The firm said the Fed’s plans to buy mortgage bonds will likely hurt the economy more than help it. Egan-Jones said the plan will reduce the value of the dollar and raise the price of oil and other commodities, hurting businesses and consumers.
This is now the second time in modern US history that our credit rating has been dropped and they have both happened under the maladministration of Barack Obama. I suppose next week we’ll find this is all part of a clever scheme that will result in wealth and prosperity. Sort of how his foreign policy has brought peace and stability to the Middle East.