Nine Nations Downgraded

As you recall in 2011 the USA lost its AAA credit rating.  But because of all the bad news coming out of Europe the USA was deemed the "least-worst" place to invest...so money kept pouring into U.S. Treasuries.  The bad news for USA seemed to run off us like water off a duck's back.

But how long will that continue?  Who knows....but with nine nations getting further downgraded in the past few days, maybe the USA will continue to benefit from being the "least-worst" place to park your cash.

The Standard & Poor’s rating agency downgraded nine European countries Friday, confirming that the continent’s efforts to contain a debt crisis that also threatens the fragile U.S. recovery have come up short.

What began as excessive debts in countries such as Greece steadily evolved into concerns about unsustainable spending in Italy and the financial strength of France, spawning a contagion that threatens to unravel the eurozone and could hit American exports and the financial sector.

S&P concluded that the political agreements and combined $1 trillion in potential bailout funding reached at a December summit were not of “sufficient size and scope to fully address the eurozone’s financial problems.”

Just as it stripped the United States of its top AAA rating in August, the credit agency knocked France and Austria one notch to AA-plus.

Ratings for Italy, Spain, Portugal and Cyprus tumbled by two grades. Malta, Slovakia and Slovenia were also downgraded, but, in a positive sign, Germany, Finland and the Netherlands kept their triple-A ratings.

Read more: http://www.politico.com/news/stories/0112/71427.html#ixzz1jRzsCTDV

One thing we know for sure...when this whole system of debt comes tumbling down, the world will have no choice but to come up with a global currency which will need to be administered by a global central bank.  When that happens, we know the Antichrist can't be too far behind.

Our blessed hope is that all of us who have the Holy Spirit indwelling us since accepting Christ's offer of salvation...will be gone from earth before all this happens. 

How much longer Lord?

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