Over the past approximate quarter century of so-called economic globalization, Wall Street’s ability to be the home of the only dominant “global” rating agencies to bestow ratings on the credit-worthiness of the world has been one of the most effective weapons of financial warfare in the Wall Street arsenal. They rate nations as well as private corporations. Now an answer to the Moody’s-Standard & Poors-Fitch US rating monopoly is coming. Not from the EU, where it is long overdue. It is coming from Russia and China, as so many bold and challenging initiatives of late. Continue reading
If you thought it was “Blood for Oil”–you’re wrong. It was far, far worse.
Because it was marked “confidential” on each page, the oil industry stooge couldn’t believe the US State Department had given me a complete copy of their secret plans for the oil fields of Iraq. Actually, the State Department had done no such thing. But my line of bullshit had been so well-practiced and the set-up on my mark had so thoroughly established my fake identity, that I almost began to believe my own lies. I closed in. I said I wanted to make sure she and I were working from the same State Department draft. Could she tell me the official name, date and number of pages? She did.
The oil price drop that has dominated the headlines in recent weeks has been framed almost exclusively in terms of oil market economics, with most media outlets blaming Saudi Arabia, through its OPEC Trojan horse, for driving down the price, thus causing serious damage to the world’s major oil exporters – most notably Russia.