_ S&P has threatened to downgrade most of the countries in the EU. Some people get quite upset by this. But anybody who knows a little history would see through it.
All the major credit rating agencies are Anglo-American. They think like Anglo-Americans. They expect the Germans to appeal to the lowest common denominators, while preserving a certain class consciousness, of course. But the Germans have a different philosophical bias. They believe in standards that everybody should be raised up to.
The threat of a credit downgrade is just a way of trying to enforce an Anglo-Saxon mold on the Germans. That is futile. Viva la differance!
All the major credit rating agencies are Anglo-American. They think like Anglo-Americans. They expect the Germans to appeal to the lowest common denominators, while preserving a certain class consciousness, of course. But the Germans have a different philosophical bias. They believe in standards that everybody should be raised up to.
The threat of a credit downgrade is just a way of trying to enforce an Anglo-Saxon mold on the Germans. That is futile. Viva la differance!