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Most of those lists were devised by organisations before crisis hit. The B & R of the BRICs and the E & S of the CIVETS (Brazil, Russia, Egypt & South Africa) have little meaning to the financial companies that made those lists today. Most institutions have now downgraded those four countries especially the former three.
Developing countries also tend to be more volatile.
If you watch the movie based on real people and true events, "The Big Short," which was based on the financial collapse through the American housing market, Standard and Poor and Moody and its other competitor were essentially selling off their B and triple A ratings in the United States.
So, I don't put as much faith in those asinine ratings as you. I'll find and post two links to clips of the movie dealing with that stuff.
If you watch the movie based on real people and true events, "The Big Short," which was based on the financial collapse through the American housing market, Standard and Poor and Moody and its other competitor were essentially selling off their B and triple A ratings in the United States.
So, I don't put as much faith in those asinine ratings as you. I'll find and post two links to clips of the movie dealing with that stuff.
It's not just the credit rating agencies. Those acronyms were actually created by banking institutions like Goldman Sachs and HSBC who have since downgraded operations or even shut up shop in those countries.
It's not just the credit rating agencies. Those acronyms were actually created by banking institutions like Goldman Sachs and HSBC who have since downgraded operations or even shut up shop in those countries.
Clip 1 I think deals with a banker stating they falsely package and repackage financial products they l knowingly regard as junk and during the repackaging give it top A ratins designation.
Clip 1 I think deals with a banker stating they falsely package and repackage financial products they l knowingly regard as junk and during the repackaging give it top A ratins designation.
All banks and financial institutions have their scandal from false liquidity to irresponsible borrowing to LIBOR but when all institutions pull back and the country is in a recession, it's becauses there is a real downgrade.
The US' worst performance during the worst financial crisis since the great depression in the 30's was -2.8%. Brazil on the other hand is registering over -5% contraction of its economy and its sovereign-debt and credit debt is critical.
I think that most of latin america would be considered 2nd world if that was a category, its not as undeveloped as parts of africa or the middle east or asia, but i don't think its on par with places like Europe etc, (although some parts of major cities could probably pass for first world).
There are areas of the USA that are 3rd World. Some of the homeless tent cities in parts of the West Coast. Regions of the southeast. Right here in Central Florida see it. Trailers barely intact with a tarp for a roof. Junk all over the yard. People living like this just off the road. Food banks and welfare like never before. I'd say 3rd World exists right here but many would barely notice it.
I did a quick search to find a thread on this, but couldn't find one, maybe I missed it but...
I was reading a thread about the Olympics and people kept calling Brazil a Third World country. I visit Brazil frequently and don't view it that way. Anyway, it got me reflecting, but I started thinking maybe it was because I define Third World differently than others. I looked up Third World and realized the definition is complex and a little squishy. So, before you look it up, what does Third World mean to you?
"Third Wordl"? First of all, nowadays it means that an American is doing the talking.
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