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By Francesco Guerrera, Aline van Duyn and Daniel Pimlott in New York
Published: January 10 2008 18:36 | Last updated: January 10 2008 18:36
The US is at risk of losing its top-notch triple-A credit rating within a decade unless it takes radical action to curb soaring healthcare and social security spending, Moody’s, the credit rating agency, said on Thursday.
The warning over the future of the triple-A rating – granted to US government debt since it was first assessed in 1917 – reflects growing concerns over the country’s ability to retain its financial and economic supremacy.
Losing a AAA rating is nowhere close to being in default!
it's the first step towards default. combined with a currency crisis, and you have the perfect recipe for a sovereign default.
however, the dollar's status as the world's reserve currency makes a united states default worse on the holders of our paper rather than the united states itself.
the way i see it, the dollar is in the middle of a currency crisis. and, there are two scenarios going forward. the dollar maintains its reserve currency status through re-monetization of the us gold reserves. or, the euro replaces the dollar as a reserve currency. but, the euro is also just another piece of paper.
Hi, well, dabots, it's funny of course, but it is one of those jokes that is only funny once. So I am expecting you to reduce your Kudos back to something sensible by tomorrow.
Let share some of my views - I do not believe in online security and access controls. So, on this site, you either have power or you do not. In what concerns Kudos, moderators have full power. There's no point in limiting it: some really curious users without moderator status can also get that power with some hackery - but that is a totally worthless exercise.
Just as another illustration of the power idea, I have both the power and the imagination to do some pretty nasty things, both to the site overall and to individual users. That comes with the ability to help...
Since we have this precedent, I am considering removing all moderators from displaying Kudos counts completely. I had this idea originally when developing the top posters list, but was too lazy to write the extra SQL clause. Looks like the time has come.
tino, I generally agree that if moderators demonstrate good responsibility, then their power shouldn't be limited. But if they do violate the "trust" of the people, then something probably should be done.
I'm not sure how I feel about removing all Kudos from mods. One the one hand, mods are people are helping others out a lot, so how many Kudos they have really doesn't matter. Their mod status speaks for themselves. On the other hand, that means everyone who is elevated to be a mod should be reviewed by Praetorian stringently to see if they are a good contributor, and not just someone who posted a lot of posts.
I say these these NOT to aim it at any mods specifically, so please do not take it the wrong way. I'm just stating a general guideline that should be established if we are to give mods full power, remove their Kudos, and deem them as generally "high-kudos" (i.e. helpful) people. _________________
**************************** GMAT Club Knowledge Vault: http://gmatclub.com/forum/123 Haas Ambassador http://gmatclub.com/forum/128-t62555 Kryzak's Profile: http://gmatclub.com/forum/111-t56286 Member Essays: http://gmatclub.com/forum/103-t50969
if the dollar continues to depreciate, it will make the USA more affordable for internationals. All of my value is in Yen or Sterling, both have appreciated greatly vs the USD. This will make the education cheaper for me if i end up in the States.
UPDATE: Helicopter Ben just gifted us another 75 bps.
On a more serious note, the stock markets are still higher than where they were in the summer of '06.; unemployment is probably higher by less than 30bps since then. The fall in the dollar, believe it or not, isn't necessarily a bad thing for the economy.
image (c) bluewire studio
Last edited by solaris1 on 22 Jan 2008, 07:20, edited 1 time in total.