Tuesday, January 04, 2011

John Moody

John Moody was born in 1868.  He went into Finance.  His company went bankrupt in 1907.  He founded a new company which eventually became Moody's Bond Rating Service. For some obscure reason, this service was one of only two agencies given the responsibility to forecast the  capacity of countries, yes - countries, to pay off their national debts.

In 1929, Moody's Bond Rating Service reporting on the U.S.A.: “prosperity which has characterized this country with only moderate setbacks since 1923 is likely to continue without great variation well into the future”.  In October that same very year, there was the Wall Street Crash and the beginning of the Great Depression.

So there we have it.  A company founded by an individual who got it all wrong and went bankrupt.  And a company which got it all wrong.

So what happens then?  This same independent company still has the job of reporting on countries.  The grading system is very very sophisticated: like AAA, BBB, CCC - that sort of thing. On the basis of that, taxes are raised, hospital beds are emptied, pensions are pared, jobs are lost.

Tuesday, August 25, 2009

Memory Loss

1988

Iran Air Flight 655

300 killed

66 children


"The US government has never admitted responsibility or apologised for the tragedy.

Some believe the Lockerbie bombing, carried out six months later in December 1988, was masterminded by Iranians in revenge for the Airbus tragedy, although a Libyan man was convicted and jailed in 2001.

In February 1996 the US agreed to pay Iran $61.8 million in compensation for the 248 Iranians killed, plus the cost of the aircraft and legal expenses.

It had already paid a further $40 million to the other countries whose nationals were killed".*


Now, you were saying, MISTER FBI?


* from the BBC

Tuesday, August 11, 2009

Rough