Credit Ratings Now Irrelevant to Bond Markets?
This presents the Bond Parasites (and their messengers in the Corporate Media) with a prickly problem. How do they prevent some massive selloff of the trillions of dollars in U.S. Treasuries sloshing around in global markets when a ratings downgrade causes even the most-deluded Sheep to dump this grossly overpriced paper?
Simple. You proclaim to the world that not only are credit ratings irrelevant to the bond market, but (surprise, surprise) they have been irrelevant for 40 years. Here we must applaud the audacity of the propaganda machine.
The financial blood is still dripping from the wounds in European bond markets, after having been skewered for the past three years by ratings downgrades followed by immediate jumps in bond market interest rates. This is the mechanism which (along with manipulation of credit default swaps
Conversely, it's only the rampant fraud of the U.S. bond market (in reverse); where near-zero interest rates are maintained despite the
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