NEW YORK (PNN) - September 14, 2012 - Ratings firm Egan-Jones cut its credit rating on the Fascist Police States of Amerika government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the FPSA economy and the country's credit quality.

The Fed on Thursday said it would pump $40 billion into the FPSA economy each month until it saw a sustained upturn in the weak jobs market.

In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the FPSA'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 costs to consumers thereby reducing consumer purchasing power, the firm said.

In April, Egan-Jones cuts the FPSA 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 currently rates the FPSA Aaa, Fitch rates the country AAA, and Standard & Poor's rates the country AA-plus. All three of those ratings have a negative outlook.