US CREDIT DOWNGRADED AGAIN! QE3 IS DEATH NAIL

Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality.

Getty Images

The Fed on Thursday said it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market. (Read more: Fed's 'QE Infinity' — Four Things That Could Go Wrong)

In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.'s real gross domestic product, but reduces the value of the dollar.

In turn, this increases the cost of commodities, which will pressure the profitability of businesses and increase the costs of consumers thereby reducing consumer purchasing power, the firm said.

In April, Egan-Jones cuts the U.S. credit rating to "AA" from "AA+" with a negative watch, citing a lack of progress in cutting the mounting federal debt.

Moody's Investors Service [MCO  Loading...      ()   ] currently rates the United States Aaa, Fitch rates the country AAA, and Standard & Poor's rates the country AA-plus. All three of those ratings have a negative outlook.

WAKE UP AMERICA- THE FED IS KILLING THIS COUNTRY AND WE ARE JUST WATCHING IT HAPPEN. CALL YOUR CONGRESSMAN AND EVERY ONE ELSES TOO! WE MUST ABOLISH THIS EVIL INSTITUTION THAT HAS SUCKED 96% OUT OF THE VALUE OF OUR DOLLAR SINCE ITS INCEPTION IN 1913. ANY TALK OF A BALANCED BUDGET IS SIMPLY SMOKE AND MIRRORS AS LONG AS WE ARE CONTROLED BY THE FED!

- E.S. REDDINGS