Thanks for your patience!
Thanks for your patience!
We will be upgrading the hosting servers today and the website may be unavailable at various points throughout the day today. Please refrain from posting any new comments until we post that this process is complete. There is a possibility that any comments posted during this upgrade may be lost and will need to be reposted if you do try and post.
Thank you for your patience.
It’s not really an if anymore, but a when…
Moody’s puts U.S. ratings on review for downgrade
NEW YORK (Reuters) – The United States may lose its top-notchcredit rating in the next few weeks if lawmakers fail to increase the country’s legal borrowing limit and the government misses debt payments, Moody’s Investors Service warned on Wednesday.
Moody’s is the first of the big-three credit rating agencies to place the United States’ Aaa rating on review for a possible downgrade, meaning the agency is close to cutting the country’s rating.
Standard & Poor’s placed the U.S. rating on negative outlook on April 18 which meant a downgrade is likely in 12-18 months.
“They are worried they are having these ideological arguments while Rome burns,” said Carl Kaufman, portfolio manager at Oster weis Capital Management in San Francisco.
A lower credit rating would cause havoc in financial markets around the world and increase borrowing costs for the government and businesses, further harming public finances and weighing on the economic recovery.
In a statement, Moody’s said it sees a “rising possibility that the statutory debt limit will not be raised on a timely basis, leading to a default on U.S. Treasury debt obligations.”
Risks of a default on Treasuries, traditionally seen as the world’s safest investment, have increased since the government reached its legal borrowing limit of $14.294 trillion on May 16.
Congress has refused to raise the statutory borrowing limit until agreement is reached on cutting the fiscal deficit which was $1.29 trillion in the last fiscal year.
The Treasury Department has said if the debt ceiling is not raised by August 2 it will have to start prioritizing payments.
DEFAULT RISK NO LONGER “DE MINIMIS”
Moody’s said the probability there will be a default on interest payments is low, but it is “no longer to be de minimis.”
“If the debt limit is raised again and a default avoided, the Aaa rating would likely be confirmed,” Moody’s said.
“However, the outlook assigned at that time to the government bond rating would very likely be changed to negative at the conclusion of the review unless substantial and credible agreement is achieved on a budget that includes long-term deficit reduction,” the firm said.
There is precedent for Moody’s decision. In 1996 the firm put some issues of U.S. Treasury debt on watch for a downgrade when the White House and Congress failed to extend the government’s debt ceiling.
Moody’s decision came after U.S. markets had closed on Wednesday but before Asian markets ramped up their activity. In the 24-hour currency markets the U.S. dollar index, which measures the greenback against a basket of trading partner currencies, had fallen earlier in the session and ended down 1.1 percent, marking the steepest one-day decline since early December.
“In the short-term, the dollar definitely has its problems. This ratings news sent the dollar tumbling. This is really not good,” said Brian Dolan, chief strategist at Forex.com of Bedminster, New Jersey.
“Moody’s might be doing this based on the politics as much as the threat of default, because the politics have become so problematic…. Between this and (Ben) Bernanke talking about QE3, the dollar could be entering a new downward phase,” he said.
The U.S. dollar fell on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank could inject more monetary stimulus into the U.S. economy.
The currency fell to a record low against the Swiss franc. The greenback hit a trough of 0.8095 franc, on electronic trading platform EBS.
In after-hours trade, U.S. stock futures dropped 4.8 points to 1307.20 following Moody’s decision.
In addition, the credit ratings for institutions directly linked to the U.S. government were also put on review for a possible downgrade, including Fannie Mae, Freddie Mac, the Federal Home Loan banks and the Federal Farm Credit banks.
The ramifications of a U.S. downgrade could also be felt in places such as Israel and Egypt.
Moody’s says the specific bonds issued by these two governments which carry a U.S. government guarantee “were also placed on review for possible downgrade.” Israel and Egypt issue bonds without Washington’s guarantee, and presumably they would not be subject to the current situation.
The Congress has routinely raised the nation’s debt limit in the past. This time, however, negotiations seem to have stalled over the degree to which the fiscal deficit should be cut by raising taxes or cutting spending.
So far, Treasury Secretary Timothy Geithner has been able to resort to extraordinary measures to delay a debt default by at least August 2.
Unlike Fitch, which promised to cut the U.S. ratings to “restricted default” after a few missed debt payments, Moody’s has said it would downgrade the United States to the “Aa” range, still considered investment grade.
(Reporting by Walter Brandimarte and Daniel Bases; Editing by Leslie Adler and Clive McKeef)
Many of you will remember our good friend, researcher and ally, Jerry, from the conferences, Area-51, Veritas, the broadcasts, etc. He has been with HOTT since 1993 and is one of the main people behind the scenes ever since our beginnings.
I got an emergency message forwarded to me by the guards at the AZ studio that he is in bad shape. He had been feeling very ill for about 7 days when his wife finally convinced him to go to the hospital. They found Cancer throughout his system and did emeergency surgery, now leaving him in Intensive Care while they are trying to feed him through tubes. This has obviously come as a complete and sudden surprise and is afflicting one of the greatest people this cause has ever known.
I would ask that all who are reading this please keep his health, recovery, family, etc. in their thoughts and prayers in this dire time.
May Day – for Communists and The Mysteries…
Benazir Bhutto – 02Nov07
In the interview, START LISTENING AT 5:33 INTO CLIP, on November 2, 2007, Bhutto participated in an interview with David Frost on Al Jazeera where she stated Osama Bin Laden had been murdered by Ahmed Omar Saeed Sheikh, who is also one of the men convicted of kidnapping and killing U.S. journalist Daniel Pearl. Despite “Sir David Frost” being knighted by the Queen of England for his “superb journalistic and reporting skills” why did he not ask follow-up questions to Bhutto’s claim that Osama was dead? Her interview could later be viewed on BBC‘s website, although it was initially distorted by the BBC as her claim about Bin Laden’s death was taken out. But, once people discovered this and started posting evidence on YouTube, the BBC replaced its version with the version that was originally aired on Al Jazeera. On 27 December 2007, Bhutto was killed while leaving a campaign rally for the PPP at Liaquat National Bagh, where she had given a spirited address to party supporters in the run-up to the January 2008 parliamentary elections. After entering her bulletproof vehicle, Bhutto stood up through its sunroof to wave to the crowds. At this point, a gunman fired shots at her and subsequently explosives were detonated near the vehicle killing approximately 20 people. Bhutto was critically wounded and was rushed to Rawalpindi General Hospital. She was taken into surgery at 17:35 local time, and pronounced dead at 18:16.
Will the REAL Osama bin Laden Please Stand Up
If bin Laden was dead, Would the U.S. admit it?
Dead bin Laden Sending Tapes
US OPENLY ACCEPTS BIN LADEN LONG DEAD
Report: Bin Laden Already Dead
DNA testing confirms bin Laden death
Gluten-Free: Judging If It’s Right For You
IPads and iPhones Found to Track Locations
Police raid wrong house, hold circuit court judge at gunpoint
US Government Gun-running To Narco Gangs In Mexico
Nothing to see here, just keep watching the royal wedding and the photoshopped pictures of bin Laden.
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In light of the massive amounts of e-mail we’ve been receiving regarding the situation in Japan, we’ve chosen to interrupt the Asset Protection series and run a broadcast we did from last year entitled “Gas Masks – Numerous Deadly Scams on the Market”. Normally the research offers are only valid on the original air date, but for tonight we’re making them available here. So be sure to tune in for this broadcast at at 21:00 EDT. (The bonus materials include 3 pdfs detailing the following : Book 1 – Guidelines for Responding to and Managing a Chemical Weapons of Mass Destruction Terrorist Event Prepared by: U.S. Army Soldier and Biological Chemical Command (SBCCOM) Domestic Preparedness Chemical Team, Book 2 – Official Government and Military spreadsheet of agent types, transmission, rate of action, symptoms and treatments plus much more data, Book 3 – An Hour Of The Time and Veritas News Service Exclusive showing the defective gas masks and canisters commonly sold on the market with pictures and descriptions. These masks and canisters not only LACK any protection but can be dangerous in and of themselves.)
At 22:00 EDT, you’ll be able to hear David Christopher’s “A Healthier You” where tonight’s topic is “Lyme’s Disease”
Remember that these broadcasts are repeated on the stream until 21:00 the following day, so if you miss out on the prime time airing, you can always tune in throughout the day. On the odd hours you’ll hear HOTT, on the even hours you’ll hear “A Healthier You”. Enjoy – and please pop by the HOTT shop and see if anything tickles your fancy!
Ladies and Gentleman,
If that link doesn’t work, further details on how to listen can be read here.
Please tune in for another Classic Cooper broadcast tonight at 21:00 EST with Part 5 of “Asset Protection”.
UPDATE : 01/03/10 – Please note that this item is now completely and permanently sold out. For ALL inquiries regarding this film, please contact the film’s producer Keith Thompson through his website here.
The initial duplication run for Aquarius : The Age of Evil is almost sold out. We will NOT be rerunning this title, as Keith Thompson, the film’s producer, wishes to do a new version of the film at some point in the future. When these last copies are gone, we will not be producing any more copies.
Scientist’s Hobby: Recreating The Ice Age
UN IPCC Official Admits ‘We Redistribute World’s Wealth By Climate Policy’
Oregon bomb-plot suspect wanted ‘spectacular show’
HHHHMMMMM – kind of reminds me of a threat I received the other night.
Another Homeland Security Overreach: DHS Starts Seizing Websites
The stream will be up and down all day today until about 4pm EST while we test some replacement equipment and configurations. Sorry for the inconvenience but it’s a necessary annoyance!
Thanks for listening.
The stream is back online temporarily.
Join with your host Doyel Shamley for part one of The Israel Lobby and U.S. Foreign Policy.
Get prepared for the Hour of the Time Skills and Research Conference in Eagar this fall! What do you need to bring? Find out tonight! Host Doyel Shamley discusses the conference and more.
Please enjoy Part five of Milton William Cooper’s “Lost Light” series.