Etiquette

Christien Noyer, head of the Banque de France, the French Central Bank, has said 'The downgrade does not appear to me to be justified when considering the economic fundamentals', another clear indication that France has received notification that it will be downgraded within a couple of weeks.
'Otherwise,' he continued, 'they should start by downgrading Britain...'

Thanks, grenouille.

It may well be that Britain should be downgraded - there are, as M. Noyer says, more debts more inflation etc, and it may be that it will be; but I should have thought his remarks should raise some eyebrows. In cricket it used to be that fast bowlers would not send bouncers down at other fast bowlers and I should have thought the same kind of etiquette would have subsisted within the circles of central bankers.

The point, Mr nut-tree, is that Britain has not committed itself to a fixed exchange rate with Germany and, in order to maintain for political reasons an artificial currency zone in Europe, committed to bail out all manner of other debtors. France is on the hook for Greece, and, it may be seen soon, Italy. And it can't afford it (no more could we).

Perhaps Britain will be downgraded, but they will start with France.