J.W.Hardin on the US DOWNGRADE

HELL, August 6. -  Goliath was very puzzled by a unique event this week and has asked me, as his trusted legal counsel, to offer some comments.  As you may know,  Standard and Poors has downgraded the United States Credit rating from AAA to "AA+"

Now, what in HELL does that really mean?   First,  let us all agree that money is an abstraction.  That is to say that a dollar is worth exactly what we all agree it is worth.  One Milky Way bar=one dollar? OK.  We all agree and that's what it is worth.   I see "Debbie" that dreadfully obtuse woman over on the Chatter posting "money money money" and showing a video that is negative on 'fiat money'.  Yes, of course fiat money, including the dollar has not 'intrinsic value'
But Debbie reveals her own naivete when she later ask Jules "what do you think about going off the Gold standard?"   Gold, after all is  simply another thing to which we can assign value.
In the right situation one ounce of gold would be less valuable than a Milky Way bar.  In fact, in my present circumstance, (in Hell) I would gladly give a mountain of gold for just one cold clear glass of ice water.  You can't eat Gold and you can't breath it and you can't drink it.  Neither does gold, in itself produce anything.  But, as you see...I digress from the main topic... the downgrade.

In my view, (authoritative since I am in HELL),  the intrinsic value of the dollar derives from the fact that it is the currency of the United States.  That is to say that its value derives from being the value measure of the MOST VIBRANT and SUCCESSFUL ECONOMY on the face of the EARTH.    That has been a fact for a very long time now.

Now, Standard and Poors comes out and basically says, "The US economy is no longer as good as it used to be and the treasury bills it issues less secure an investment that they used to be."  The first half of this is true but the second half is pure bullshit.

It is, in fact, one of the most stunning displays of hubris this dead lawyer has ever seen.  Here is S&P whose entire existence is wholly and completely due to the existence of the US....to the economy of the US...to the laws of the US to the markets of the US......its really about the same as a child coming out and saying..."My daddy didn't give me a new corvette this year...he's no good...I have to drive this old corvette from last year...what a no good father!!"

John Chambers, of S&P,  gave an interview where he stated WHY they made the downgrade "First, the political dialogue is so polarized and acrimonious that it is making improvement difficult ..."  (second was the
debt).  WHAT???!!!!

I looked at this guy....I couldn't help noticing he was a dried up Republican.  Sorry, but these guys
just trashed the rating, which in real terms is meaningless, and I am sorry to say they are doing in an effort to tank the economy so that they can get their boy in office next election.

Only thing I can say...If Obama had ANY backbone he would take S & P and spank them so bad the wouldn't sit down for a few months.

In short....this is just more ridiculous bullshit from the big Wall Street Boys.  Enjoy!