--- title: "Meaning & Key Takeaway of: It is hard to imagine that, having…" description: "\"It is hard to imagine that, having downgraded the US, S & P will not follow suit on at least one of the other members of the dwindling club of sovereig..." image: "https://sms4smile.com/quotes/i/651/mohamed-el-erian-19946_clubs_it-is-hard-to-imagine-that-having-downgr_1043773.jpg" --- # It is hard to imagine that, having downgraded the US, S &… ![“It is hard to imagine that, having downgraded the US, S & P will not follow suit on at least one of the other members of the dwindling club of sovereign AAAs. If this were to materialise and involve a country like France, for example, it could complicate the already fragile efforts by Europe to…” quote by Mohamed El-Erian](https://sms4smile.com/quotes/i/651/mohamed-el-erian-19946_clubs_it-is-hard-to-imagine-that-having-downgr_1043773.jpg) [Download](https://sms4smile.com/quotes/i/651/mohamed-el-erian-19946_clubs_it-is-hard-to-imagine-that-having-downgr_1043773.jpg) [Open image](https://sms4smile.com/quotes/i/651/mohamed-el-erian-19946_clubs_it-is-hard-to-imagine-that-having-downgr_1043773.jpg) > “It is hard to imagine that, having downgraded the US, S & P will not follow suit on at least one of the other members of the dwindling club of sovereign AAAs. If this were to materialise and involve a country like France, for example, it could complicate the already fragile efforts by Europe to rescue countries in its periphery.” [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Downgrading the US could trigger similar actions against other top‑rated sovereigns, risking European stability if a country like France is affected. **In simple terms:** US downgrade may cause other AA-rated nations to be downgraded, harming Europe. Key Takeaway Monitor sovereign ratings and diversify risk. Themes finance sovereign risk Europe politics market stability Mood concerned analytical Type analytical forecasting When to use this quote - investment decisions - policy planning - risk assessment - portfolio diversification Key Concepts credit ratings systemic risk geopolitics Questions to Reflect On - How would a downgrade of a European AAA affect global markets? - What safeguards can mitigate contagion? A Different Perspective If Europe’s rescue efforts fail, broader economic fallout may occur. ★ ★ ★ ★ ★ No ratings yet [Clubs](https://sms4smile.com/quotes/about/clubs/) [Countries Periphery](https://sms4smile.com/quotes/about/countries-periphery-2454395/) [Country](https://sms4smile.com/quotes/about/country/) [Downgraded](https://sms4smile.com/quotes/about/downgraded-480670/) [Effort](https://sms4smile.com/quotes/about/effort/) [Europe](https://sms4smile.com/quotes/about/europe/) [Europe Rescue](https://sms4smile.com/quotes/about/europe-rescue-2454397/) [Example](https://sms4smile.com/quotes/about/example/) [Fragile](https://sms4smile.com/quotes/about/fragile/) [France](https://sms4smile.com/quotes/about/france/) [Hard](https://sms4smile.com/quotes/about/hard/) [Having Downgraded](https://sms4smile.com/quotes/about/having-downgraded-2454396/) [Imagine](https://sms4smile.com/quotes/about/imagine/) [Imagine that](https://sms4smile.com/quotes/about/imagine-that/) [Members](https://sms4smile.com/quotes/about/members/) [Periphery](https://sms4smile.com/quotes/about/periphery/) [Rescue](https://sms4smile.com/quotes/about/rescue/) [Sovereign](https://sms4smile.com/quotes/about/sovereign/) [Sovereign Aaas](https://sms4smile.com/quotes/about/sovereign-aaas-2454398/) [Suits](https://sms4smile.com/quotes/about/suits/) ## Related quotes > [The United States, for its part, downgraded from low-level to complete withdrawal, much to the regret of other delegates such as the Reverend Jesse…](https://sms4smile.com/quotes/mark-steyn/the-united-states-for-its-part-downgraded-from-low-level-to-complete/) [Mark Steyn](https://sms4smile.com/quotes/author/mark-steyn/) > [“That cat was a traitor. And if by some miracle she lived through the night, he was getting downgraded to Tender Vitals.”](https://sms4smile.com/quotes/j-r-ward/that-cat-was-a-traitor-and-if-by-some-miracle-she-lived-through-the/) [J.R. Ward](https://sms4smile.com/quotes/author/j-r-ward/) > [“The system may prefer downgraded humans not because they would possess any superhuman knacks, but because they would lack some really disturbing human qualities…](https://sms4smile.com/quotes/yuval-noah-harari/the-system-may-prefer-downgraded-humans-not-because-they-would/) [Yuval Noah Harari](https://sms4smile.com/quotes/author/yuval-noah-harari/) > [I could be mad that you played me or I could embrace the fact that you downgraded.](https://sms4smile.com/quotes/anonymous/i-could-be-mad-that-you-played-me-or-i-could-embrace-the-fact-that/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [“He’d decided, abruptly, that electronic interaction was toxic, that it downgraded the significance of real human connection, that it resulted in what he called…](https://sms4smile.com/quotes/james-han-mattson/he-d-decided-abruptly-that-electronic-interaction-was-toxic-that-it/) [James Han Mattson](https://sms4smile.com/quotes/author/james-han-mattson/) > [I'm not trying to prove anything. People look at me, and they take things away from me because of a movie. They don't really…](https://sms4smile.com/quotes/michael-oher/i-m-not-trying-to-prove-anything-people-look-at-me-and-they-take/) [Michael Oher](https://sms4smile.com/quotes/author/michael-oher/) > [My technique has always been to include all the periphery around me.](https://sms4smile.com/quotes/martin-landau/my-technique-has-always-been-to-include-all-the-periphery-around-me/) [Martin Landau](https://sms4smile.com/quotes/author/martin-landau/) > [I've always stayed on the periphery of things. When I used to go to the punk clubs and things like that, I was never…](https://sms4smile.com/quotes/james-wolcott/i-ve-always-stayed-on-the-periphery-of-things-when-i-used-to-go-to/) [James Wolcott](https://sms4smile.com/quotes/author/james-wolcott/) > [If you inhale a millionth of a gram of plutonium, the surrounding cells receive a very, very high dose. Most die within that area,…](https://sms4smile.com/quotes/helen-caldicott/if-you-inhale-a-millionth-of-a-gram-of-plutonium-the-surrounding/) [Helen Caldicott](https://sms4smile.com/quotes/author/helen-caldicott/) > [ The pope \[Francis\] takes his vocabulary from his pastoral experience, not from the rhetorical tool kit of liberation theology, with its Marxist yammering about… ](https://sms4smile.com/quotes/george-weigel/the-pope-francis-takes-his-vocabulary-from-his-pastoral-experience/) [George Weigel](https://sms4smile.com/quotes/author/george-weigel/) > [I never run away from things but confront them, and I preferred to stay on the periphery of Mumbai film industry.](https://sms4smile.com/quotes/deepti-naval/i-never-run-away-from-things-but-confront-them-and-i-preferred-to/) [Deepti Naval](https://sms4smile.com/quotes/author/deepti-naval/) > [Whenever you are in anger, remember yourself. In that very remembering the focus changes, the gestalt changes. You become more and more centred. Anger…](https://sms4smile.com/quotes/rajneesh/whenever-you-are-in-anger-remember-yourself-in-that-very-remembering/) [Rajneesh](https://sms4smile.com/quotes/author/rajneesh/) > [We make a mistake forsaking England and moving out into the periphery of life. After all, Taormina, Ceylon, Africa, America -- as far as…](https://sms4smile.com/quotes/d-h-lawrence/we-make-a-mistake-forsaking-england-and-moving-out-into-the-periphery/) [D. H. Lawrence](https://sms4smile.com/quotes/author/d-h-lawrence/) > [When we are not realized, we are moving on the periphery, like a wheel and we are disturbed. But a realized soul is on…](https://sms4smile.com/quotes/nirmala-srivastava/when-we-are-not-realized-we-are-moving-on-the-periphery-like-a-wheel/) [Nirmala Srivastava](https://sms4smile.com/quotes/author/nirmala-srivastava/) > [All right, I am often brash, rude and brutally direct. Someday I'm going to die and I don't have time to toe-dance around the…](https://sms4smile.com/quotes/mel-brooks/all-right-i-am-often-brash-rude-and-brutally-direct-someday-i-m-going/) [Mel Brooks](https://sms4smile.com/quotes/author/mel-brooks/) ## More by Mohamed El-Erian > [Investors should be cautiously positioned as the global economy and markets face major uncertainties. The downgrade will be a further headwind to growth and…](https://sms4smile.com/quotes/mohamed-el-erian/investors-should-be-cautiously-positioned-as-the-global-economy-and/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [Investors should invest on what they know. The biggest mistake is to invest on what they don't know.](https://sms4smile.com/quotes/mohamed-el-erian/investors-should-invest-on-what-they-know-the-biggest-mistake-is-to/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [After many decades of Disney movies, we have been conditioned to expect princesses to fall in love quickly with their charming princes and 'live…](https://sms4smile.com/quotes/mohamed-el-erian/after-many-decades-of-disney-movies-we-have-been-conditioned-to/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [Today's reports confirm that, unfortunately, post-crisis America is still not back to its good economic self.](https://sms4smile.com/quotes/mohamed-el-erian/today-s-reports-confirm-that-unfortunately-post-crisis-america-is/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [I remember when I was growing up, you would go to a bank to open a deposit, and they'd give you a toaster. A…](https://sms4smile.com/quotes/mohamed-el-erian/i-remember-when-i-was-growing-up-you-would-go-to-a-bank-to-open-a/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [The global realignment is accelerating the migration of growth and wealth dynamics from the industrial world to the larger emerging economies.](https://sms4smile.com/quotes/mohamed-el-erian/the-global-realignment-is-accelerating-the-migration-of-growth-and/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [Falling entry barriers and lower access costs have significantly democratised participation, whether in production or consumption.](https://sms4smile.com/quotes/mohamed-el-erian/falling-entry-barriers-and-lower-access-costs-have-significantly/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [The one instrument that has relative political autonomy is monetary policy. Central banks do not need to go to Congress to get approval for…](https://sms4smile.com/quotes/mohamed-el-erian/the-one-instrument-that-has-relative-political-autonomy-is-monetary/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [For the next three years, we're going to see different economies work out different problems. For European economies, especially Greece, it would be through…](https://sms4smile.com/quotes/mohamed-el-erian/for-the-next-three-years-we-re-going-to-see-different-economies-work/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [Investors have to ask themselves two questions. How much can we grow our investments? And, can we afford our mistakes?](https://sms4smile.com/quotes/mohamed-el-erian/investors-have-to-ask-themselves-two-questions-how-much-can-we-grow/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [The once-unthinkable loss of the AAA rating will constitute a further hit to already fragile business and consumer confidence.](https://sms4smile.com/quotes/mohamed-el-erian/the-once-unthinkable-loss-of-the-aaa-rating-will-constitute-a-further/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [Because in the New Normal you are more worried about the return of your capital, not return on your capital.](https://sms4smile.com/quotes/mohamed-el-erian/because-in-the-new-normal-you-are-more-worried-about-the-return-of/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [As a whole, investors should welcome attempts to safeguard the integrity of markets. You need very clear rules applied to markets.](https://sms4smile.com/quotes/mohamed-el-erian/as-a-whole-investors-should-welcome-attempts-to-safeguard-the/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [America's downgrade may serve as a wakeup call for its policymakers. It is an unambiguous and loud signal of the country's eroding economic strength…](https://sms4smile.com/quotes/mohamed-el-erian/america-s-downgrade-may-serve-as-a-wakeup-call-for-its-policymakers/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) > [How long can interest rates stay negative? Think about this. Not only are you lending your money to governments, but you're paying them interest…](https://sms4smile.com/quotes/mohamed-el-erian/how-long-can-interest-rates-stay-negative-think-about-this-not-only/) [Mohamed El-Erian](https://sms4smile.com/quotes/author/mohamed-el-erian/) [Explore all 31 Mohamed El-Erian quotes ](https://sms4smile.com/quotes/author/mohamed-el-erian/) ## More Clubs quotes > [When you go to a club it's not about being black or white or heavy or thick. I'm shaking my ass because I want…](https://sms4smile.com/quotes/miley-cyrus/when-you-go-to-a-club-it-s-not-about-being-black-or-white-or-heavy-or/) [Miley Cyrus](https://sms4smile.com/quotes/author/miley-cyrus/) > [ I failed, I think, seven \[or\] eight times before I finally got my first \[championship\]. It was just, you know, just about me growing… ](https://sms4smile.com/quotes/shaquille-o-neal/i-failed-i-think-seven-or-eight-times-before-i-finally-got-my-first/) [Shaquille O'Neal](https://sms4smile.com/quotes/author/shaquille-o-neal/) > [So I went to a club the other day, which is timely because my self esteem had been hovering right around 'normal' and I…](https://sms4smile.com/quotes/mike-birbiglia/so-i-went-to-a-club-the-other-day-which-is-timely-because-my-self/) [Mike Birbiglia](https://sms4smile.com/quotes/author/mike-birbiglia/) > [There's nothing like the energy in a small comedy club room or a small theater when it's going really well. I can see everybody's…](https://sms4smile.com/quotes/drew-carey/there-s-nothing-like-the-energy-in-a-small-comedy-club-room-or-a/) [Drew Carey](https://sms4smile.com/quotes/author/drew-carey/) > [In my former life I was in insider, as much as anybody else. And I knew what it's like, and I still know what…](https://sms4smile.com/quotes/donald-trump/in-my-former-life-i-was-in-insider-as-much-as-anybody-else-and-i-knew/) [Donald Trump](https://sms4smile.com/quotes/author/donald-trump/) > [Every wife ought to answer for her man. If the husband be engaged in a seditious club, or drinks mysterious healths, or be frugal…](https://sms4smile.com/quotes/joseph-addison/every-wife-ought-to-answer-for-her-man-if-the-husband-be-engaged-in-a/) [Joseph Addison](https://sms4smile.com/quotes/author/joseph-addison/) > [ \[Could you show us how Lana Del Rey dances in a club?\] That would be illegal. ](https://sms4smile.com/quotes/lana-del-rey/could-you-show-us-how-lana-del-rey-dances-in-a-club-that-would-be/) [Lana Del Rey](https://sms4smile.com/quotes/author/lana-del-rey/) > [The good Bishop of Assisi expressed a sort of horror at the hard life which the Little Brothers lived at the Portiuncula, without comforts,…](https://sms4smile.com/quotes/anonymous/the-good-bishop-of-assisi-expressed-a-sort-of-horror-at-the-hard-life/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [The first time I went to Abbey Road and put those headphones on, I discovered I had two voices. I no longer had to…](https://sms4smile.com/quotes/cilla-black/the-first-time-i-went-to-abbey-road-and-put-those-headphones-on-i/) [Cilla Black](https://sms4smile.com/quotes/author/cilla-black/) > [I just started writing for my own amusement and occasionally singing in little clubs around Los Angeles. Then I wrote 'The Rose,' and through…](https://sms4smile.com/quotes/amanda-mcbroom/i-just-started-writing-for-my-own-amusement-and-occasionally-singing/) [Amanda McBroom](https://sms4smile.com/quotes/author/amanda-mcbroom/) > [The clubs, that's easy to cut out, because I know when the season ends I can look forward to going out.](https://sms4smile.com/quotes/usain-bolt/the-clubs-that-s-easy-to-cut-out-because-i-know-when-the-season-ends/) [Usain Bolt](https://sms4smile.com/quotes/author/usain-bolt/) > [Raves when it was safe to be free & wave your hands in the air, like you didn't even care! Not scared to break…](https://sms4smile.com/quotes/progrezza/raves-when-it-was-safe-to-be-free-wave-your-hands-in-the-air-like-you/) [Progrezza](https://sms4smile.com/quotes/author/progrezza/) > [Well, the coffeehouse audiences never know what they're going to get, and all the comics are different, as opposed to when you go to…](https://sms4smile.com/quotes/kathy-griffin/well-the-coffeehouse-audiences-never-know-what-they-re-going-to-get/) [Kathy Griffin](https://sms4smile.com/quotes/author/kathy-griffin/) > [I assume my stance, and take back the club, low, slowly; at the top, my eyes fog over, and my joints dip and swirl…](https://sms4smile.com/quotes/john-updike/i-assume-my-stance-and-take-back-the-club-low-slowly-at-the-top-my/) [John Updike](https://sms4smile.com/quotes/author/john-updike/) > [A new club is like having a new girlfriend – you don't have feelings straight away](https://sms4smile.com/quotes/michael-owen/a-new-club-is-like-having-a-new-girlfriend-you-don-t-have-feelings/) [Michael Owen](https://sms4smile.com/quotes/author/michael-owen/) [Browse all 2,237 Clubs quotes ](https://sms4smile.com/quotes/about/clubs/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "It is hard to imagine that, having downgraded the US, S & P will not follow suit on at least one of the other members of the dwindling club of sovereign AAAs. If this were to materialise and involve a country like France, for example, it could complicate the already fragile efforts by Europe to rescue countries in its periphery.", "creator": { "@type": "Person", "name": "Mohamed El-Erian" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/mohamed-el-erian/it-is-hard-to-imagine-that-having-downgraded-the-us-s-p-will-not/", "about": { "@type": "Thing", "name": "Clubs" }, "@id": "https://sms4smile.com/quotes/mohamed-el-erian/it-is-hard-to-imagine-that-having-downgraded-the-us-s-p-will-not/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/651/mohamed-el-erian-19946_clubs_it-is-hard-to-imagine-that-having-downgr_1043773.jpg", "contentUrl": "https://sms4smile.com/quotes/i/651/mohamed-el-erian-19946_clubs_it-is-hard-to-imagine-that-having-downgr_1043773.jpg", "url": "https://sms4smile.com/quotes/i/651/mohamed-el-erian-19946_clubs_it-is-hard-to-imagine-that-having-downgr_1043773.jpg", "width": 1080, "height": 1080, "caption": "“It is hard to imagine that, having downgraded the US, S & P will not follow suit on at least one of the…” — Mohamed El-Erian", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Mohamed El-Erian", "item": "https://sms4smile.com/quotes/author/mohamed-el-erian/" }, { "@type": "ListItem", "position": 4, "name": "It is hard to imagine that,...", "item": "https://sms4smile.com/quotes/mohamed-el-erian/it-is-hard-to-imagine-that-having-downgraded-the-us-s-p-will-not/" } ], "@id": "https://sms4smile.com/quotes/mohamed-el-erian/it-is-hard-to-imagine-that-having-downgraded-the-us-s-p-will-not/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```