Dagong Downgrades The UK From AA- To A+, Outlook "Negative"

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Ahmeexnal's picture

Time for the royals to suck long dong Dagong while smoking their crack bong!

Moody's is following suit:

 

http://www.marketwatch.com/story/moodys-may-downgrade-uk-banks-sky-news-...

writingsonthewall's picture

This is no surprise - we all know these nationalised banks (oop's not supposed to call them that) are going to go down if the EU crisis means haircuts for the bondholders.

The only surprise is it lasted this long.

The world is slowly turning, it can be painfully slow at times but there are definitely changes going on.

Long term unemployed in Britain are rising, like the US - those jobs are never comig back. Just like the money invested in those bailed out banks - we're never getting that back - ever.

The rough break even point for Lloyds and RBS are 75p and 50p respectively (not accounting for opportunity cost - I mean why would you? - it's only taxpayer money, opp. cost is for bankers only!.

 

Currently the shares stand at:

RBS 41.00 0.29% LLOY 50.35 -1.02%

 

It does not look good I'm afraid - we have Billions 'invested' in those - you wait until the sheepeople work out that they swapped their free education, free healthcare and support services for worthless bank shares.

Like Queen Victoria - they will not be amused.

Harlequin001's picture

'free education, free healthcare and support services'

You're joking, right?

TIMMAYYY's picture

are you wondering about whether this is a true fact?

or are you saying the nothing in this world is "free" therefore there is some kind of hidden cost.

 

And you would be right on both counts. These are the 'benefits' of sleeping with lizards....the slim and dodgy eyes are just a few of the negatives.

writingsonthewall's picture

It's not free - it's surplus.

 

As I said above you choose to subsidise big business with your surplus - each to his own I guess. Just try explaining that to all the people who have become ill right after their health insurance expires - just when their job did.

 

Good luck with that too!

 

Now who is sleeping with the lizards? - at least my lizard provided free education - your lizrd did nothing for you other than strengthen their position to screw you over even more at a later date.

writingsonthewall's picture

No - why what did your Government spend it's taxes on?

 

War, Halliburton subsidies and Coca-Cola?

 

You see each man in his daily produce creates a surplus (it's called surplus value) - in some countries we try to pool this surplus for good use. Hospitals, Schools, social centres - you know, the sort of things which benefit society and progress it as a whole.

 

Whereas in the US......you allow this surplus to be taken by the wealthy and spent...and best of all you admire them for doing it!

 

We may not be perfect - but at least we're making progress. In the US all that has progressed in the last decade is the efficiency in which you can kill others - with depleted uranium etc.

 

Good luck with that.

Lady Heather...UNCLE's picture

I ran a very successful brothel in London in the 1990's...very highly rated.

Oh regional Indian's picture

Bear smells a honey TRAP! ZH studs, watch out!

;-)

ORI

falak pema's picture

rule britannia, rule britannia...from under the bed sheets!

rule britannia, rule britannia...britannia rules the waves...from under the sea;

in its sunk Arc Royal, after the financial debacle.

Lets hope it becomes the Nautilus!

TruthInSunshine's picture

James Brown is dead.

 

As are the credit ratings (really, even though the credit rating agencies are usually full of shit) of all sovereigns. The U.S., European Union Members (not just PIIGS+UK, aka PIIGSUK), Japan, Vietnam, Thailand, Russia, etc.

Thanks, John Maynard Keynes! Your failed neoclassical economic model did the world in! Even Asia was suckered into its infinite and galaxy sized pool of logical fail!

Paul Krugman, get back into your hole and get back to masturbating to the centerfold of Ben B52 Bernanke (aka Shiva, Destroyer of Organic Economic Growth) that appeared in the latest glossy edition of Case Studies of Epic Failures of Men, Economics, Common Sense, Virtue & Rationality, you ivory tower troglodyte.

 

cossack55's picture

Yet Iceland broke free of the Keynsian Death Trap and is even now telling the Euro thugs "See if you can fly your G20s in this shit". Hahahahah

writingsonthewall's picture

"Keynsian Death Trap"

 

Surely it was Capitalism which demanded austerity to begin with by collapsing and once again resulting in Marxist overproduction.

 

How you get to blaming Keynes is beyond me. It's like you are blaming the commentator at a football match for the bad passing of your quarterback.

scratch_and_sniff's picture

If the west reverted to the gold standard it would do China up like a kipper, they are only holding ~1000 mt, so i hope they realise who the daddy is, still lol. In the meantime, downgrade away, no one cares. Ha ha, it took them how long to dg UK??

cossack55's picture

I think your 1k mt is not correct and China is the #1 producer of gold.  Also, when was the last time that Ft. Knox was 100% audited, inventoried and assayed? Answer: NEVER

steve from virginia's picture

Pretty funny, Gagong is my fav rating agency, way 'front of $&P(ences) and Mooodies.

USA is no. 18 or something, where we belong. Who is no. 1? Denmark? Guruguay? Where is it they ('They') grow the most pot?

Dagong, sorry ...

silberblick's picture

Cornel West calls out Obama and challenges Americans to rise up like people in Europe and the Middle East are doing. Read here:
http://redpillfactory.blogspot.com/2011/05/cornel-west-calls-out-obama.html

All is chosen's picture

This is an outrage! They can't downgrade the UK. It's unthinkable. The situation is different here, (ask any BTL landlord). It's a different kind of debt, & 'they' obviously don't understand.

 

Harlequin001's picture

It's an 'older', more refined quintessentially British kind of debt...

Looks far more classy on a collapsing balance sheet ...

topcallingtroll's picture

When you are getting screwed british style just lie back and think of england.

Yen Cross's picture

 Dagnabit. You are write(right) Tyler. I'm still long usd /jpy though. core position 80.5.

stopthenewworldorder's picture

UK currency is the most exposed of all due to its stunningly weak fundamentals - similar to the US$ and EURO for sure but doesn't have the benefit of being something anyone needs to own. Get out of Dodge...or rather London....before it resembles Mad Max's Thunderdome

KlausK's picture

Thunderdome - LOL. Just trying to imagine Mr. Brown with a chainsaw ... "You want budget cuts? YOU WANT BUDGET CUTS???"

Harlequin001's picture

Just trying to imagine Mr. Brown 'under' a chainsaw...

aribabak's picture

?? is from Chinese phrase ???? which means perfectly IMPARTIAL

Mec-sick-o's picture

Da gong is chiming the 11th hour.

The Heart's picture

Watch this!

Raw Video: Obama's Limo Gets Stuck

http://www.youtube.com/watch?v=5icV_mctrkE

I bet that scared the doo-doo out of the usurper!

cossack55's picture

Typical Brits, they put their anti-carbomb system in backwards. Must be the food.

Grimbert's picture

That's in Dublin - They've not been British for a few years now.

Quintus's picture

Furthermore, this took place outside the US Embassy in Dublin, and I should imagine that any and all security systems design and construction at that facility was carried out by US contractors to USG specifications.

Dugald's picture

Makes a foin headline to be sure to be sure.....

 

       Obama humped at slow speed

Double down's picture

The best ZH quote ever:

Poor fools: they have yet to meet the full debt repayment capability of 20 Primary Dealers.

Harlequin001's picture

'course we have, write 'em a check...

Landrew's picture

Along the same vein, we just guaranteed 2 billion in Egypt bonds issues ha!

topcallingtroll's picture

They really arent two years behind if you understand the language.

Credit outlook negative.......equals downgrade...."get out now"

Downgrade.......equals " we told you to get out earlier, you idiot."

AldoHux_IV's picture

Credit ratings agencies, what are they good for? Absolutely nothing...

Credit ratings agencies, hu-ah, what are they good for? Absolutely nothing...

Good gaw, credit ratings agencies, hu-ah, what are they good for? Absolutely nothing...

http://www.youtube.com/watch?v=r-bA9FYB8HY&feature=related

Mec-sick-o's picture

First time I see a triplicated post... on one post.