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Banking

Debunking the Bogeyman: Neoliberalism, austerity and economic agenda

Posted July 23, 2014 by rabble staff
Thursday, July 24, 2014

What happens when credit rating agencies downgrade nations’ sovereign debt? It seems to force government to further deregulate, privatize and cave to right-wing neoliberal economic agenda.

In August 2011, the U.K.’s The Independent stated that the head of sovereign ratings at Standard & Poor’s (S&P) “might be the most powerful man in the world that you’ve never heard of.” S&P had just cut the triple-A credit rating of the U.S. down to AA+, a move that “changed the financial world.”

Photo: flickr/401(K) 2012

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