Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating for the first time in the history of the ratings.

The credit rating agency said that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.

A source familiar with the discussions said that the Obama administration feels the S&P's analysis contained "deep and fundamental flaws." (...)

...The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case....

Sen. Rand Paul today issued a statement calling for the resignation of U.S. Treasury Secretary Timothy Geithner from his cabinet post, effective immediately, for his gross mismanagement of federal economic policy and for his role in the first-ever downgrade of United States debt.

“Secretary Geithner assured everyone that raising the debt ceiling without a plan to balance the budget would not result in a downgrade to our debt,” Sen. Paul said. “He was clearly wrong. Our debt has been downgraded for the first time in history, and now American taxpayers will have to suffer the consequences”

This is not the first time Secretary Geithner and his team have failed to correctly diagnose or manage an economic problem. During his tenure at the Federal Reserve and as Treasury Secretary, Secretary Geithner has had a direct role in the failure of the Fed to diagnose and act on the housing crisis. He presided over bank bailouts, auto bailouts and failed trillion-dollar stimulus plans.

Last year, he announced to the American people “welcome to the recovery,” when in fact the our economic crisis has continued. He has contributed not only to the first-ever debt downgrade, but is on the record as clearly disputing it could ever happen.

“There is plenty of blame to go around. Both parties have contributed to our $14 trillion debt. But it is hard to say this crisis wasn’t predictable, because it was. House and Senate conservatives clearly predicted this, and also offered the only solution that could have prevented our downgrade with our Cut Cap and Balance plan,” Sen. Paul continued. “We must rescue our finances through a Balanced Budget Amendment, and we must do it soon. We must cut spending immediately. And we must get new leadership, and put in place people who have seen problems coming and offered credible solutions, rather than those who continue to misdiagnose and mismanage our economy.”

Originally posted by safetalker:
However if you, or Social Security, or a foreign nation holding one of the bonds they should be used for Wallpaper.

Xinhua, which on Wednesday slammed the deal to raise the US debt ceiling as failing to defuse the country's "debt bomb", said on Saturday international supervision "over the issue of US dollars" should be introduced.

It questioned the dollar's status as the world's dominant reserve currency, saying "a new, stable and secured global reserve currency may also be an option to avert a catastrophe called by any single country".

Originally posted by safetalker:

Remember also that there is a prophecy that in September or October that the Italian people will sack the Vatican and spread its wealth to the world.

He was a half hour late. His head turned from side to side as if he were attending a tennis match. He practically never looked in the camera, as if he were averting our gaze. And those were the strong parts of President Obama’s disastrous speech.

It was a bit like a slow-motion car crash. After a while, one stopped listening to the blather and simply watched the stock ticker go down and down. And down some more.

Obama had all weekend and the best he could come up with was a reiteration of his plea for a “balanced” approach to deficit control. That’s right. We have a tumbling stock market, over 9 percent unemployment and a flight to gold (some investment advisers say it will be at $2,500 per ounce by year’s end). All he can do is promise to raise taxes.

Now that’s not exactly right. He did trot our proposals for a one-year extension of the payroll tax cut and extension of unemployment benefits. And he promised to make his own proposal to the debt committee. That’s it. It is what he has been saying for what seems like forever. He has nothing new.

He did say one indisputably true thing: The downgrade was more a comment on our political dysfunction than on our ability to repay our debts. That is the dysfunction that he has presided over. That is the paralysis he perpetuated by insisting for months on tax increases. He was describing his own disastrous tenure as president.

This illuminated Obama’s predicament — devoid of ideas, bitter about political opposition and completely in over his head. If the election were held today, I bet he’d lose. By a lot.

Originally posted by safetalker:
Lets look at the date issue.
12 September is the full moon and the astrological power day for the Dark Cabal.
30 September is the end of the Corporate Year.
Between these two days will be the promise of another UNITED STATES OF AMERICA Inc Red Flag.
I doubt the PTB want to enter into 2012 on the ropes unless they can create enough strife that we will begin to beg them to clean up the mess.
Now is the time to clean the tools of war and put them at the ready.
Remember also that there is a prophecy that in September or October that the Italian people will sack the Vatican and spread its wealth to the world.
If they do the people of the world will follow suit. First Europe where I suspect the PTB will gladly use Chemical and Nukes to teach the slaves who is the boss.