S&P, one of the three large credit rating agencies in the US, late on Friday, after the markets closed, downgraded US one notch to AA+ from AAA. In this context it should be noted that a Chinese credit rating agency, Dagong, downgraded the US last week to a level on par with Spain. There seems to be a war on the interpretation of what is important and the reason might be that we are witnessing a clash between two economic cultures. The Chinese being state capitalism.
My own confidence in the US and its people is completely unshaken and it should be mentioned that France, Japan and South Korea don’t see any problems with US creditworthiness according to the Financial Times. China, according to the Chinese news agency Xinhua, makes a lot of noise and seems to disregard the fact that you do take a risk buying state papers. Instead they want to remake the world financial order to secure their investments. It would be interesting to read an initiated Swedish article evaluating the benefits or disadvantages to Sweden if China gets their way?
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