December 24, 2008


Tokyo, Japan -- The largest and most respected credit rating agency in Japan is telling the government there to write-off any U.S. Treasury notes it is holding because the U.S. cannot pay.

The U.S. government will struggle to finance increasing debt levels needed to dig the economy out of recession, said Akio Mikuni, president of credit ratings agency Mikuni & Co.

The dollar may lose as much as 40 percent of its value to 50 yen or 60 yen from the current spot rate of 90.40 today in Tokyo unless Japan takes “drastic measures” to help bail out the U.S. . . . . . Mikuni said.

“It’s difficult for the U.S. to borrow its way out of this problem,” Mikuni, 69, said in an interview with Bloomberg Television broadcast today. “Japan can help by extending debt cancellations.”

Editor's Commentary -- WOW! I never imagined in my entire life that my country would become a credit risk just like the third-world cesspools, yet here we are! Foreign countries are now being openly told by their own people that the U.S. is unable to pay back its debts and the debts ought to be forgiven.

The ONLY branch of government in this country that is Constitutionally allowed to spend money, raise taxes and incur debt is the Congress. You folks in Congress, both past and present, are personally, individually, responsible for this. You current and former members of Congress have literally wrecked the "full faith and credit of the United States."

Since you did this personally, it seems only fair that you pay a price personally for doing it.

Get your affairs in order.

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