Belfast Telegraph

Wednesday 20 August 2014

US posturing behind credit ratings tyranny

Not so many years ago, the US dollar seemed unassailable; then, over the past decade, it declined so dramatically against the euro that the latter became the preferred currency for many international workers.

Then came the credit crunch, which had been rumbling away in the background for years, but had seemingly gone undetected by the credit-ratings agencies.

Now these very same agencies ostensibly have the power to ruin entire economies with the stroke of a pen.

I don't see that the eurozone countries - with the possible exception of Greece - have been any more profligate than others around the world.

Most countries are up to their eyeballs in debt, so why single out the eurozone?

I've long suspected that the credit-ratings agencies, along with the major American financial institutions - and with the tacit compliance of US treasury officials - are attempting to destabilise and ultimately destroy the euro, thus guaranteeing the continued dominance of the US dollar as the world's preferred reserve currency.

Or is that too fanciful for words?

TERENCE SMITH

By e-mail

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