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Might Standard & Poor’s poor pen turn out to be mightier than the poor Euro?
Standard & Poor’s, that highly respected financial world authority from across the pond a couple of weeks ago made a mistake and accidentally downgraded France’s cherished ‘Triple ‘A’’ credit status. It was restored a couple of hours later. Not satisfied with the damage of their first effort they've had another go it seems.
This time, on the very day France’s President Nicola Sarkozy and Germany’s Angela Merkel attempted to thrash out a last ditch effort to save the beleaguered Euro, Standard & Poor’s announced that both France and Germany, along with four other key, wealthy EC nations, might all be in danger of shortly losing their ‘Triple ‘A’’ credit status.
Bad enough for France which only briefly entered into trade deficit for the first time since WWII a couple of years ago and even then a tiny fraction of that of the UK’s for example but for Germany it was tantamount to standing on a dais outside the Reichstag and Sieg Heiling!
Apart from carefully releasing this rumour of a fiscal time bomb right on the day when it could do most harm Standard & Poor’s staff were also reported to be issuing other dire warnings.
Firstly, the world might be invaded by aliens next year. So it’s best we all head for the hills.
Next there was the announcement that Global Warming might lead to failure of China’s ‘cash cow’ bamboo crop next year. Meaning China’s recently ‘gifted’ loan of the pair of Pandas Sunshine and Sweetie to Edinburgh Zoo might both starve to death. As they were both carefully trained by the Chinese not to eat anything other than this expensive delicacy. The tragic loss of these two cuddly, monochrome, narcissist icons might ultimately lead to such strained East-West diplomatic relations that sadly the result might be Armageddon.
Anyway, France, far from waiting for the Yanks now to return the Statue of Liberty on a rusting old redundant American container ship might actually send the nuclear both powered and armed, Charles De Gaulle, the world's third largest aircraft carrier, to go fetch it!
I suppose Standard & Poor’s might finish maliciously destabilising world financial markets in a forlorn attempt at trying to shore up the bankrupt American Dollar now.
For the day anyway.