Friday, August 19, 2011

What The S&P is saying is get out of the US Dollar and US Debt

Peter Schiff :  “In Wall Street parlance, any downgrade means get the hell out … If they ( The Rating Agencies) go from a Strong Buy to a Buy, it means, you know, look out below,” “What S&P is saying, as far as I’m concerned, is get out of U.S. debt, any dollar-denominated debt, because what they’re really downgrading is not Treasury bonds, but the dollar.” “Because S&P knows—as Alan Greenspan said, and Warren Buffett said—they don’t have to default, they can print,” Schiff explained. “But that’s worse, especially if you’re a bondholder; you get paid back in Monopoly money.” - in the Keiser Report at Russia Today

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