Looking west across the the Pacific to Angry Exiles fabled homeland in Oz. In the wake of Standard & Poors downgrade of the USA’s credit rating (Horses mouth here), we hear the Australian State Treasurer say that Australia’s AAA credit rating will remain ‘safe’. Well yes, of course it will. Until they implement that half witted carbon tax that is. Although the Aussies are fighting back with a ‘Convoy of no Confidence‘ In fact 11 Convoys of no confidence. So far.
Guys, based on previous experience with countries that have lost the fabled triple A status, the financial dawn chorus informs me that it takes between 8-18 years of hard graft to get it back. That’s if the US starts tomorrow. Not that it will with the current incumbent in the White House, who was so busy with his birthday party he hadn’t noticed. Rome while fiddling burns springs to mind. (Flat pack Axiom from IKEA, may require some re-assembly)