Well, it did not take long for the other shoe to drop. Ratings firm Egan-Jones cut its credit rating on the U.S. government from “AA” to “AA-,” citing QE3(Infinity) from the Federal Reserve would hurt the U.S. economy and the country’s credit quality. Yes, QE3 will hurt the US; however, central bankers will do just fine with all this new digitally produced fiat trash.
In its downgrade, the firm’s report stated that issuing more currency and depressing interest rates does little to raise the U.S.’s real gross domestic product.
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