In an effort to halt expansion of Japan's massive public debt, Japan's Prime Minister Seeks Doubling National Sales Tax.
Prime Minister Yoshihiko Noda said containing Japan’s public debt load, the world’s largest, is critical after Standard & Poor’s downgraded credit ratings on France, Austria and seven other European nations.
Economist Dean Baker is ready to call the May non-farm payrolls report that's due out on Friday: It's going to be terrible. 100,000 jobs on Friday. You heard it hear first -- that's what I e-mailed to a colleague last night before the weak ADP report.
By David Pinsen:
S&P Downgrades US Debt to AA+
S&P's downgrade of US Debt to AA+ on Friday night wasn't wholly unexpected. S&P had put the US on watch for a ratings downgrade last month (as did Moody's (MCO)). It also wasn't the first nationally recognized statistical rating organization (NRSRO) to do so: Egan-Jones downgraded US debt in July.
Moody's took away the UK's triple A rating late Friday. A ratings downgrade has long been rumored, and although the timing is always surprising, the move itself has long been anticipated. Sterling slumped on the news in thin dealings, losing a cent in about 30 minutes.