We had previously written the plot for a financial thriller based on the bizarre drama being played out in Washington. The debt deal is done and we will post a blog on the repercussions shortly.
We did find a news article in CNN that we really weren’t expecting. A rating agency in China has downgraded US debt. We had predicted a downgrade, but we were expecting it from one of the US rating services. In our previous blog we noted that such a downgrade would be detrimental to China’s holdings of US debt.
So another twist for Mr. Frey’s novel … the US Treasury Department has a mole planted deep within the Dagong Global Credit Rating Company. At the appropriate time, the mole initiates the downgrade setting in motion the selloff of US debt.
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