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 manipulation of credit default swaps ) has been totally responsible for the deterioration of these economies from borderline-insolvent to imminent bankruptcy.

Conversely, it's only the rampant fraud of the U.S. bond market (in reverse); where near-zero interest rates are maintained despite the completely obvious insolvency of the U.S. which forestalls bankruptcy. If the U.S. was forced to pay the same interest rates on its own bonds as Wall Street has inflicted upon European bond markets, the U.S. would have already been pushed into default itself.

Here we have the second, parallel motive for the new crime paradigm which Bloomberg is attempting to pass off. Up until now, the U.S. government (with the help of the propaganda machine) has been able to prop-up the Treasuries Ponzi-scheme by counterfeiting U.S. dollars to buy up all of its Treasuries, while pointing to the fraudulent "AAA" rating of the U.S. to legitimize this fraud.

But how can this massive fraud be maintained after the U.S. has its credit rating cut? By telling the Sheep that credit ratings have never mattered to bond market prices -- despite what they have seen with their own eyes across the Atlantic.

If I have learned one thing over the past several years, it's to never underestimate the gullibility of market Sheep. So stay tuned to see if the propaganda machine is successful in selling another Big Lie: that credit ratings are (and always have been) totally irrelevant in the bond market.