I am here to report that the sky is still up there in the sky although a little cloudy today. The power is still on. The rivers are still flowing. And as far as I can tell, the Australian continent isn’t looking like sinking into the ocean on either side. But we have to be warned – that bastion of sagacity and purity Standard & Poor’s put our AAA government bond rating on negative watch last Thursday. The Government is claiming it has to increase the intensity of its austerity plans, economists are being wheeled out for their moment in the media claiming government borrowing will ‘cost more’, and the media is having a picnic on the predictions of chaos and despair. It reminds me of the panic that followed the War of the Worlds broadcast on American CBS radio on October 30, 1938. That broadcast suggested to ‘weak minds’ that there was an invasion from Mars underway and precipitated panic. Similarly, the media is trying to whip a sense of gravity over the S&P decision. The reality is that nothing has happened nor will. The rating is irrelevant and the media should just ignore any press release these corrupt organisations put out. They are only designed to advance the profitability of the agency and should be subject to tight product quality scrutiny. The resulting fines for incompetence would put the companies out of business. It would be better if the government just legislated them into outlaw status immediately.