US Credit Downgrade ?

BBC News: Reports from the US via ABC News that the Credit Agency, Standard & Poor's is to downgrade US credit. Thus folks the debt ceiling deal didn’t help, the Agencies wanted around 4 trillion in cuts, the deal is around 2.5 trillion, throwing tea cup at a fire, ( stronger language but its open page ), the Eurozone Crisis with the high chance that Italy will default has sent the markets tumbling this week. Our lords and masters seem to fiddle while Rome burns, the EU has its head up its backside at the moment, it thought it had solved the problem with a 2nd Greek bailout, problem its gone from HIV to Aids, the entire economic structure has been affected, thus Italy is almost a certain default, Spain has 60/40 chance of getting through as its debt to GDP is around 70%, the EU/IMF can deal with that, it cant deal with Italy. The cure folks, as stated many times in this blog, the EU has to get serious, bailout out Italy and Spain, kick out Greece, Ireland and Portugal, reform the welfare state in these countries, live in the 21 Century not the start of the 20th. Don’t hold much hope folks, this kind of action would take political courage, modern politicians not that brave.

Obama TALKS = Eurozone/Syria

Has a read of talks between President Obama and President Sarkozy of France and Chancellor Merkel Germany, “ The President spoke with French President Nicolas Sarkozy and, separately, with German Chancellor Angela Merkel this afternoon about the latest developments in the eurozone crisis. Noting the significant steps taken at the July 21 summit of leaders of the euro area and the importance of their implementation, the President welcomed the continued leadership of President Sarkozy and Chancellor Merkel in addressing the challenges facing Europe’s economy. The President also consulted with President Sarkozy and Chancellor Merkel on the situation in Syria. The leaders condemned the Assad regime’s continued use of indiscriminate violence against the Syrian people. They welcomed the August 3 presidential statement by the UN Security Council condemning Syria’s actions, but also agreed to consider additional steps to pressure the Assad regime and support the Syrian people. ”. In essence folks, Obama, Sarkozy and Merkel are in the same political lifeboat when it comes to the Eurozone crisis, if one goes down they all go down, they need each other, as with Syria its hot air, no action thus just PR.

Death in Afghanistan

MOD: Reports that a UK Soldier was killed on Friday in Afghanistan, the Soldier was a “ Royal Marine from 42 Commando Royal Marines. ”. Thus since 2001 the UK has lost 378 of its Armed Forces Personnel in Afghanistan, of that total it has lost 334 in combat action and 44 due to illness, accidents or other incidents.