Thinking about the “when” rather than “if” prospect of the international credit agencies like S&P, Moody’s and Fitch et al turning down the wick on Australia’s triple A credit rating, it occurs to me that these agencies are the same credit agencies that rated Collateralised Debt Obligations and the other financial instruments that brought about the 2007-2008 Global Financial Crisis, as AAA financial products.
The obvious question of course being, that given their attrocious judgement and diabolical record of trashing the world’s economy, who the hell are the credit agencies to be wielding so much thumbs up or down clout on credit ratings when their judgement is demonstrably so off beam and out of whack?