Standard&Poor's downgraded the US credit rating from AAA to AA+ (one level lower) on Friday because Congress increased the "debt ceiling" and refused to make real spending cuts (they "promised"* to cut almost the same amount they raised it, over ten years, meaning net increase in the short term and a balanced budget by the time I'm an old man, or possibly dead, and then only temporarily until debt increases ahead of spending cuts). S&P said that if the US doesn't get its act together they might downgrade the credit rating again in 12 to 18 months. Right now the safest treasuries in the world are from the UK, and you've seen the turmoil they are in.
Why is it called a debt "ceiling" if they can just keep raising it? Why not call it a "debt nebulous thing to distract the public from how they're getting screwed?" My guess is because that name is too long. It's like how "jury of complete and utter morons who are unqualified to make decisions on these matters" is rendered "jury of your peers."
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In better news, I've written a 300 word footnote to "Why Study History," covering two pages, explaining the term "center of gravity." I estimate the whole thing, when completed, will be between eight and ten-thousand words long, making it the longest Urban Mystic post ever.
*When politicians make promises, they are, in fact, lies.
Friday, August 5, 2011
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