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Is the Moody’s Downgrade the End of American Exceptionalism? (jacobin.com)

submitted 1 day ago by [email protected] to c/[email protected]

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Moody’s decision to downgrade the US’s credit rating is a slap on the wrist. In the past, the US might have dismissed it, but investors are signaling they think America is fundamentally untrustworthy — and they may soon put hard limits on Trump's program.

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[–] [email protected] 16 points 1 day ago (1 children)

American exceptionalism is only in Americans' heads, the patriotic suckers out there.

In reality this is about rich assholes trying to figure out where to stash their dough, and they're hedging their bets. Good for the world, to some degree.

[–] [email protected] 2 points 1 day ago

It's a real thing in financial markets. Or it was. America has had a privileged position with borrowing. It's both the cause of the 2008 financial crash, and the country that weathered it best. By 2011, people were looking at the austerity measures in the EU and decided the US was a better place to put their money.

You're not wrong to say it's rich assholes deciding where to put their money, but the fact is that they drive the market.

It's the patriotic suckers out there who don't understand how this privileged position functions and are now dismantling it like monkeys taking apart a typewriter.