Who are Standard & Poor anyway?

Not that I was concerned by this particular turn of events; but it did alert me to a thought that had somehow dropped into dormancy amongst the other, more notable examples of corruption.
Today S&P threatened to down grade Tesco’s credit rating, because- hey! It’s not selling enough. Now as a company I hate Tesco they sell themselves as cheap, but they’re not but have somehow conned the British public into believing this.
This is not my point here, today.
S&P do this a lot; they do it with whole countries economies and wield their financial assessment axe with no thought to the consequences. And in the end what does it mean?
What it means is yet another example of how the financial services industry has come to dominate world politics and straddle every single aspect of our life, With the complete complicity, or more accurately, abdication of responsibility, of world governments.
Consider; these are a bunch of champagne swilling oiks in suits or dubious blazers, who exist in their own little world and deign to lay down what is the financial status of a whole country?
And this carries weight.
Do I put a question mark here or a (very incredulous) exclamation mark?
On their assessment, people lose their jobs, pension funds are hit, countries, in the highly dubious, nay stupid financial environment in which they must exist, find it hard to fund government projects.
And it has to stop.
The people who make these decisions go home at night, drink champagne and come back tomorrow, untouched financially because they tip off their friends in the stock market who manage their shares for them just before these decisions are made public…….
So what can we do? It seems a Stygian task; the financial markets are, let’s be clear, more powerful than most governments, mainly because most governments see them that way.
But we can lobby, chisel away; we are numerically stronger.
The longest journey starts with one step; if we all take it together?
Maybe.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s