Eurozone Downgrade Rampage
Fitch has gone mad.
In an act of utter lunacy, the credit rating agency just downgraded long-term issuer ratings of 5 EU countries: Belgium: AA+ to AA… Spain: AA- to A… Italy: A+ to A-… Cyprus: BBB to BBB-… Slovenia: AA- to A and others.
By the looks of it the entire free world is battling its financial demons and… losing. The U.S. was downgraded by S&P and it sent shockwaves across the markets. Now the Eurozone takes it on the chin. It was to be expected. Merrill Lynch forecast a gloomy outlook for the area about six months ago.
What this means: Financial Chaos!
At least a serious instability that will result in higher prices (inflation) and other economic problems. Not just for the Eurozone but for the U.S. and the entire world. The economic system is standing on precipice and about to fall over.
Thriving in good or bad economic times is really an individual choice. People do well when the economy is up, down or snaking sideways. But if you want to put the odds on your side one big key is to remove your limitations regarding your ability to make money and be financially secure.
