The first point to make here is that obviously
has "cherry-picked" its data, or simply fabricated this statistic altogether. No one displays more contempt for the minimal level of brainwave activity in Western markets than I do. Yet even I would not, could not believe that for nearly 40 years the credit ratings of the major ratings agencies have been 100% irrelevant in Western bond markets,
but no one noticed
Obviously if that level of manifest incompetence existed with these ratings agencies, they would have
been sued into oblivion -- as complete and utter charlatans. So once we all finish laughing at the absurd, new crime paradigm
is attempting to create here; it's time to ask a question. What is the motive of the propaganda machine in inventing a new, fictional paradigm for the bond market?
Fortunately, the propaganda machine is quite transparent with its agenda; and
is kind enough to supply us with their motive in that same paragraph quoted above: "Bond investors [i.e. U.S. bond investors] needn't worry that a rating cut will hurt returns . . . "
What we have here is the propaganda machine attempting to stretch the parameters of plausibility even further with respect to the ultra-fraudulent, U.S. bond market. For several years we have witnessed manifest corruption, as the U.S. becomes less and less solvent with its $1+ trillion deficits -- while U.S. bond higher prices soar higher and higher.
Despite this obvious plunge in solvency, the complicit ratings agencies have refused to downgrade U.S. debt -- despite rubber-stamping downgrades on European debt every time some new tidbit of negative economic data comes before them. To call this a "double-standard" would be much too charitable; it is blatant corruption.
However, even with crime syndicates given
to manipulate markets, all good things must come to an end. With the propaganda machine ratcheting-up the panic meter on almost a daily basis about the "fiscal cliff" over which the U.S. economy is about to plunge, a reality is beginning to sink in.
Even the Sheep would have a hard time reconciling an economy plunging over a "fiscal cliff" while maintaining a "AAA" credit rating. It would be a contradiction much like asserting the "unsinkable" status of the Titanic -- as it sank toward the bottom of the ocean.