(Commentary posted by Roger Erickson)
The European Union was stripped of its AAA credit rating by the Standard & Poor’s agency on Friday [Dec 20] as the 28-state block struggles to deal with the debt problems afflicting a number of its members and internal conflict over its budget.
Maybe some of them still think Fiat is a car?
Or are they actually downgrading public initiative? If so, how can one pretend to apply a long-term metric to something that's as fickle as mood, propaganda or the act of recognizing context?
Hopefully S&P's New Years resolution is to recognize common sense, forgo innocent fraud, and seek situational awareness?