The bond rating companies cut ratings on $12 billion worth of bonds last week, even though the information the downgrades were based was known since February.
Why did they wait so long to do it?
Because, Asia Times says, it gave the holders of those bonds, US investment banks and hedge funds, time to sell them. The primary buyers were central banks in Asia, who then got stuck with these toxic bonds.
This is one of the greatest robberies of our time, and it will go unreported in essence. Hard-working Asian savers will see their central banks post billions of dollars in losses on the US mortgage crisis in the next few years, but nothing can be done about it given the general lack of accountability across Asia.
Do you think the elites in the central banks of Asia care? Of course not. Just like their counterparts in the US don’t either. A tiny few fatten themselves at the expense of everyone else. Yeah, it’s a class war. They’ve declared war on us.