When Ontario and Alberta credit ratings were downgraded, the screams from right-wing media and politicians were deafening. But in Saskatchewan all we can hear is silent hypocrisy.
In 2012, Harper was (loudly) musing about cutting $24 billion to deal with the deficit (that he created). But even the CRAs said the cuts weren't necessary! The pundits? They didn't say a thing.
What happens when credit rating agencies downgrade nations' sovereign debt? It seems to force government to further deregulate, privatize and cave to right-wing neoliberal economic agenda.
In part one of this three-part series on rating the rating agencies, Joyce Nelson looks at the role the Big Three CRAs had in the economic crisis.
Where do bond rating agencies get the nerve? They loom over economic policy like divine oracles, telling lenders how safe to feel when making loans and what interest rates to charge governments.
Moody's decision to downgrade Ontario's credit rating last week was manna from heaven to commentators and media pundits bristling at the notion that activist government could be making a comeback.
There was a lot of chatter about Ontario's credit rating last week when, in a not-so-surprising move, Moody's Corporation changed Ontario's debt outlook from stable to negative.
I think that Standard and Poor's decision -- alone among the major raters -- to downgrade the U.S. has severely discredited the agency (bad pun intended).