“And they will come from afar”…China and Russia to launch new credit rating agency in 2015 to challenge West

Greetings,

This is direct attack on the dollar/euro system. And the thing is these two nations are no longer hiding their plans. They are going public with them and telling the entire world that they are moving to unseat the dollar and uproot the Western financial system and order.

This goes right to the heart of this….”America is under a destruction similar to that of ancient Babylon. In the Bible, Jeremiah, Isaiah, and Revelation of John prophesied concerning her. Babylon, there-mentioned is a future Babylon, and not a Babylon of the past.

America has enslaved all of the so-called Negroes and her evil mistreatment of them is similar to ancient Babylon’s enslavement and mistreatment of the Jews, according to the scriptures. It took the hand of God to bring the king of Babylon and his people into submission to the power of God.

He brought the surrounding kings and their power against ancient Babylon in the prime; the height of her glory — the hand writing on the wall — the casting of Daniel and his followers into a fiery furnace…”-pgs.194 & 195(The Fall Of America)

Hence you have rising powers, China…Russia, and their respective blocks, rising up to challenge dollar hegemony and Western financial primacy.

China and Russia to launch new credit rating agency in 2015

The new Universal Credit Rating Group (UCRG) is being set up to rival the existing agencies Moody’s, S&P and Fitch, and its first rating will be issued this year.

The setting up of UCRG is in its final stages, ready to challenge the ‘Big Three’ that currently dominate the industry, the Managing Director of RusRating Aleksandr Ovchinnikov told Sputnik News Agency on Tuesday.

“In our opinion, the first ratings [will] appear … during the current year,” Ovchinnikov said, adding that accreditation with the local regulator is already underway.

The news comes on the heels of Fitch’s decision to follow S&P in downgrading Russia’s sovereign credit rating to BBB-, a step above junk level and on par with India and Turkey.

READ MORE: Fitch downgrades Russia’s credit rating to 1 notch above junk level

The new agency will be based in Hong Kong, and provide a check on the ‘Big Three’, which some analysts say don’t provide an accurate reading of economic situations.

Many securities and bonds in the US that had triple-A ratings in 2008 and were considered ‘safe’, turned out to be a bubble, revealed by the subprime mortgage crisis.

READ MORE: China, Russia and the US set up a rival to big three ratings firms

“When the issue of creating an agency alternative to the ‘Big Three’ [Standard & Poor’s, Moody’s, and Fitch Group] was raised, we in fact offered [a] project that was ready to be launched and was supported by the governments of Russia and China,” Ovchinnikov said.

Developed economies are often given a free credit rating pass, whereas developing economies are assigned more risky ratings, the RusRating analyst said.

READ MORE: Fitch downgrade will have ‘limited’ effect on Russia

UCRG was officially created in June 2013 by China’s Dagon, Russia’s RusRating and America’s Egan-Jones Ratings. Each member will hold an equal share in the venture, with an initial investment of $9 million.

Source: RT

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