FITCH

FITCH 

 

Fitch cut the US’s sovereign credit grade one level from AAA to AA+. The move comes just two months after it warned the rating was under threat as lawmakers flirted with default by battling over raising the nation’s debt limit.

The credit grader justified the shift by arguing the country’s finances will likely deteriorate over the next three years given tax cuts, new spending initiatives, economic shocks and repeated political gridlock.

Pushing back hours before her department is set to ramp up its borrowing to plug a ballooning budget deficit, Treasury Secretary Janet Yellen called the downgrade “arbitrary” and “outdated.” 

-             Fitch’s US Credit Downgrade Sparks Criticism Along With Unease, Bloomberg

 

By Gregg Wall (8-5-2023)

 

Should the Federal Reserve with their partners over at Treasury be allowed to print up $36 trillion in national debt?

 

Should monetary policy & deficit spending fund a global empire… an empire that serves the purpose of enriching a predatory few, via endless, unaudited defense spending, colonialism, and the subjugation of countries and people all over the globe (in the name of greed, resource extraction, & labor exploitation)?   

 

Should U.S. monetary policy & the national debt fund continuous Wall St bailouts, backstop the Wall St casino & billionaires… should quantitative easing and a low interest rate regime be used as a policy for providing free money welfare to Wall St banks, shadow banking, and private equity?  The free money welfare, in turn, used consolidate the economy into predatory cartels and monopolies, with dictatorial powers over the American government, prices, and wages? 

 

Should the FED and the Treasury - and fiscal and monetary policy - be key and critical in the transfer of wealth, via the US credit line, into the pockets of billionaires, day traders in the House & Senate, boardrooms & C-Suites, and Wall St.?  Further used to finance endless for-profit war and bloodshed?

 

Or perhaps, should American end these practices and use QE, MMT, and interest rate suppression for the exclusive benefit of the American people and globally, humanity? 

 

These are questions that, conveniently, go unasked and unanswered by the corporate American MSM and the corrupt mafia that makes up America’s political class, respectively.  Perhaps, the corporate media deems these questions too complex for the average American (or perhaps, they are more fearful of the reaction?) …  and yet, nearly every American understands checking accounts, net-worth, credit cards, and credit lines.  That is to say, the conversation is long overdue and need not be overly complex, especially since the American people are on the hook for fiscal and monetary policy, the fraud that transpires daily in Washington and Wall St, and the abject failure that passes for ‘independence’ at the Federal Reserve.  

 

The American people are on the hook for $36 trillion and that number is expected to skyrocket; and the American people receive absolutely nothing in return, but are incessantly preyed upon by billionaires, multinationals, their own government, and Wall St. 

 

All of which may have factored into Fitch’s decision making.  Fitch, a credit rating agency, finally blew the whistle on fiscal & monetary fraud and malfeasance, that transpires every day in the nation’s capital (since the 2008 crisis).  And the reaction is exactly what we’d expect from failed elites within the Biden Administration, who just happened to be holding the levers of government when time ran out.  It could have been Republicans.  Because both parties are responsible for the crime wave: the systemic attack upon Americans, in the name of austerity; and the endless welfare for billionaires, the MIC, multinationals, Wall St, and the oligarchy (taxpayer money that often finds itself laundered in the stock markets and kicked backed to politicians in the form of dark money, campaign contributions, buybacks, and dividends). 

 

As indicated, the outcry from self-serving elites was entirely predictable.  The often-used excuse that America – via exorbitant privilege – can endlessly print up money to pay off its debts.  If that is so, and it is true to a certain point, why not print up money for: Medicare for All; to eliminate student debt and provide free college; why not print up money to fund free lunch programs for children; why not fund abortion and birth control on demand (spending that would pay dividends for America and her economy)?  Instead of funding hell on earth: the U.S. empire and endless war, Wall St greed, an entirely corrupt & criminally negligent U.S. congress, and a grotesque & repugnant oligarchy? 

 

Gee, cast in this light, and put to a national referendum… I wonder what the American people would choose to fund, after they have been systematically ripped off, robbed, beaten, jailed by an out-of-control police state (funded by the national debt), and exploited by cartel & monopoly? 

 

Let there be no doubt, the Fitch rating will generate more discussions in Washington… but the villainy from both parties won’t talk about cutting the MIC, or endless war, or the power behind American colonial rule, the US empire, nor billionaire and Wall St. entitlements.  No, the attack will come on what precious little remains of the regulatory state (that protects hardworking Americans & our children) and the social programs that benefit the disenfranchised, the remnants of the middle class, and the poor. 

 

Like I said, America can go on printing more money to a point… until the world loses faith, until there’s another Bretton Woods, until an alternative currency, a more humane currency comes along (a time when the autocratic, dictatorial American dollar and its reign of abuse & terror ends). 

 

Whether the world fully recognizes it or not, it’s paying for exorbitant privilege... U.S. bombings, colonialism, NATO' expansionary & bellicose imperialism, paying down dollar denominated debt, and the IMF & World Bank kicking in their front doors... in ways too numerous to count.  

 

And the American people…  they pay for exorbitant privilege, exorbitant national debt & austerity with their very lives & their children’s future. 

 

As for accountability for this great evil, this curse, on perhaps, the least deserving (or is it, deserving?) of nations… a nation founded on slavery & genocide… well, we all know who is responsible.  Look no further than the FED chairs, the failed political duopoly, and the oligarchy they all report into.  And the crazy part, exorbitant privilege is a gift, a tool, and could have been a tremendous blessing, to America and the world.  It still can be but not without addressing massive structural economic, government, and political defects.

 

Secretary Yellen called the Fitch downgrade ‘arbitrary’ and ‘outdated.'  You know what’s ‘arbitrary’ and ‘outdated’ America (?)...  the Washington and Wall St crime wave, America’s predatory elite, and endless for-profit war. 

 

Copyright JM Hamilton Publishing 2023