I prefer to use the Hogwart Credit Rating Agency, Inc. for credit rating comparisons. They are superior to any Chinese Dragon rating company. And here is why:
Dagong Global Credit Rating Co., the Chinese rating company that was recently rejected in its bid to be an officially recognized bond rater in the U.S.....
Needless to say, the markets donât find this (rating) credible.
As of November 7, 2010, the "Total Public Debt Outstanding" was approximately 95% of annual GDP, ($13.723 Trillion) with the constituent parts of the debt ("Debt held by the Public") being approximately 66% of GDP ($9.14 Trillion) and "Intergovernmental Debt" standing at 34% of GDP .
Although not included in the figures reported by the government, the U.S. government has moved to more explicitly support the soundness of obligations of Freddie Mac and Fannie Mae, starting in July 2008 via the Housing and Economic Recovery Act of 2008, and the September 7, 2008 Federal Housing Finance Agency (FHFA) conservatorship of both government sponsored enterprises (GSEs). The on- or off-balance sheet obligations of those two independent GSEs was just over $5 trillion at the time the conservatorship was put in place.
So what´s a US government guarantee worth ? Nada. Nothing. Niente. Nichts. Jim Rogers did the right thing and converted his assets long time ago into renminbi...
