{"id":6582,"date":"2013-01-25T16:30:48","date_gmt":"2013-01-25T21:30:48","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=6582"},"modified":"2013-01-25T16:30:48","modified_gmt":"2013-01-25T21:30:48","slug":"scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/","title":{"rendered":"Scam complete: US government takes a page from Diocletian\u2019s book &#124; Business Insider"},"content":{"rendered":"<p>Simon Black writes:<\/p>\n<blockquote style=\"background-color:#ddddff;\">\n<p>As with any good scam, the government must maintain public confidence.  The moment someone says \u2018the Emperor has no clothes,\u2019 that shallow, fragile confidence will come crashing down and expose the scam. Dissent must be vigorously and swiftly pursued.<\/p>\n<p>So when S&amp;P finally downgraded the US one notch in August 2011, the SEC and Justice Department announced that S&amp;P was under investigation, just two weeks later.<\/p>\n<p>Egan-Jones, a smaller rating agency, has been even more aggressive, downgrading the US credit rating three times in 18 months. And while the federal government may not have imposed Diocletian\u2019s death penalty, they are just as willing to squash dissent.<\/p>\n<p>In a country that churns out thousands of pages of new regulations each week, it\u2019s easy to find a reason to go after someone. As you read this letter, in fact, you are probably in violation of at least a dozen regulatory offenses.<\/p>\n<p>In the case of Egan-Jones, the SEC brought administrative action against the agency within two weeks of their second downgrade. And a few days ago, the case was settled.<\/p>\n<p>I\u2019m sure you have already guessed the ending: Egan-Jones is banned from for the next 18 months from rating US government debt. They\u2019ve effectively been silenced from telling the truth&#8230;..<\/p>\n<\/blockquote>\n<p>Read more at <a href='http:\/\/www.businessinsider.com\/scam-complete-the-us-government-takes-a-page-from-diocletians-book-2013-1'>Scam complete: the US government takes a page from Diocletian\u2019s book\u2026 &#8211; Business Insider<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Simon Black writes: As with any good scam, the government must maintain public confidence. The moment someone says \u2018the Emperor has no clothes,\u2019 that shallow, fragile confidence will come crashing down and expose the scam. Dissent must be vigorously and swiftly pursued. So when S&amp;P finally downgraded the US one notch in August 2011, the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Scam complete: US government takes a page from Diocletian\u2019s book &#124; Business Insider&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34],"tags":[964,2855],"class_list":["post-6582","post","type-post","status-publish","format-standard","hentry","category-us-canada-countries-regions","tag-debt-downgrade","tag-rating-agencies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Scam complete: US government takes a page from Diocletian\u2019s book &#124; Business Insider - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scam complete: US government takes a page from Diocletian\u2019s book &#124; Business Insider - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Simon Black writes: As with any good scam, the government must maintain public confidence. The moment someone says \u2018the Emperor has no clothes,\u2019 that shallow, fragile confidence will come crashing down and expose the scam. Dissent must be vigorously and swiftly pursued. So when S&amp;P finally downgraded the US one notch in August 2011, the &hellip; Continue reading &quot;Scam complete: US government takes a page from Diocletian\u2019s book &#124; Business Insider&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-25T21:30:48+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Scam complete: US government takes a page from Diocletian\u2019s book &#124; Business Insider\",\"datePublished\":\"2013-01-25T21:30:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/\"},\"wordCount\":247,\"commentCount\":3,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"debt downgrade\",\"rating agencies\"],\"articleSection\":[\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/\",\"name\":\"Scam complete: US government takes a page from Diocletian\u2019s book &#124; Business Insider - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2013-01-25T21:30:48+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/01\/25\/scam-complete-us-government-takes-a-page-from-diocletians-book-business-insider\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Scam complete: US government takes a page from Diocletian\u2019s book &#124; Business Insider\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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In this setting, financial repression in its many guises with its\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13546,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/07\/major-banks-credit-rating-outlook-cut-to-negative\/","url_meta":{"origin":6582,"position":1},"title":"Major banks&#8217; credit rating outlook cut to &#8216;negative&#8217;","author":"ColinTwiggs","date":"July 7, 2016","format":false,"excerpt":"From Clancy Yeates: Australia's banks face the threat of higher funding costs, after Standard & Poor's downgraded the big four's credit rating outlook to \"negative\", a direct result of its action on the government's top-notch rating. ....the banks' credit ratings are automatically raised by two notches because S&P assumes they\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62507,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/10\/01\/a-government-shutdown-declining-consumer-confidence\/","url_meta":{"origin":6582,"position":2},"title":"A government shutdown + declining consumer confidence","author":"Colin Twiggs","date":"October 1, 2025","format":false,"excerpt":"Key Points The US government shut down most operations on Wednesday as Congress failed to reach a deal to raise the debt ceiling. Government shutdowns do not usually have a lasting effect on financial markets, but the fiercely divided House threatens a bitter standoff. Declining consumer confidence and further signs\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Conference Board: Consumer Confidence","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-30-confidence.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-30-confidence.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-30-confidence.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-30-confidence.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":8543,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/10\/07\/heres-a-disturbingly-astute-line-from-when-sp-downgraded-the-us-credit-rating-business-insider-australia\/","url_meta":{"origin":6582,"position":3},"title":"Here&#8217;s A Disturbingly Astute Line From When S&#038;P Downgraded The US Credit Rating | Business Insider Australia","author":"ColinTwiggs","date":"October 7, 2013","format":false,"excerpt":"From S&P\u2019s historic downgrade of the US credit rating on August 5, 2011: More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2579,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/08\/pullout-from-u-s-stock-funds-crosses-130b\/","url_meta":{"origin":6582,"position":4},"title":"Pullout from U.S. Stock Funds Crosses $130B","author":"ColinTwiggs","date":"December 8, 2011","format":false,"excerpt":"Investors have now pulled more than $130 billion out of mutual funds that invest long term in United States stocks, since May 1. .....In the six months ending October 31, $114.8 billion already had been pulled out of U.S. stock funds. The peak was in August, when Standard & Poor\u2019s\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61687,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/05\/17\/the-elephant-in-the-room-3\/","url_meta":{"origin":6582,"position":5},"title":"The elephant in the room","author":"Colin Twiggs","date":"May 17, 2025","format":false,"excerpt":"Summary The elephant in the room is $37 trillion of US fiscal debt Rising long-term interest rates reflect bond market concerns that the Fed will sacrifice price stability to support an unstable Treasury market A year ago, we wrote: The elephant in the room is Government debt which is growing\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"CBO Projections of Debt Held by the Public as a Percentage of GDP","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-16-cbo-debt-public.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-16-cbo-debt-public.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-16-cbo-debt-public.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-16-cbo-debt-public.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=6582"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6582\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}