German Economist Calls for Violent Overthrow of US Credit Agencies

“I will break the pride of your power” (Leviticus 26:19)


Someone in Europe is getting frustrated with the US credit rating companies:

Economist condemns US credit rating companies

The Local – June 16, 2011

Thomas Straubhaar, a leading German economist, is calling for the “violent overthrow” of US-based credit-rating companies, which can deeply influence the financial future of the countries they rate.

The director of the Hamburg Institute of International Economics (HWWI) told the Neue Osnabrücker Zeitung on Thursday the agencies were anachronisms from the 1990s, which US regulators had “imposed” on European and other nations.

Basically, the article goes on to be critical of how the economist believes that creditworthiness of the Greek government is viewed by American credit rating agencies.  And while I do not advocate their violent overthrow, I would state that I believe that the US credit-rating agencies have been dangerously too kind in their ratings of the creditworthiness of the government of the USA.

And while Greece is a relatively small player on the world economic scene, the USA is a major player.  Given its impact on world economies, it would seem that that the credit-rating agencies need to be focused on not give the USA a higher rating than it deserves.

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