It's not so much a prediction as it is a collective hissy fit and a stamping of feet by the financial sector. This isn't Greece. A country that controls its IO

It's not so much a prediction as it is a collective hissy fit and a stamping of feet by the financial sector. This isn't Greece. A country that controls its IOUs can always satisfy the IOUs it creates. When S&P downgraded the US its rationale was comprised of a long form political op ed that had precisely fuck all to do with credit risk: http://www.guardian.co.uk/business/2011/aug/06/sandp-debt-rating-downgrade-statement http://www.guardian.co.uk/business/2011/aug/06/sandp-debt-ra... It might have had something to do with the SEC investigating them for fraud, but hey, what do I know? I'm not a ratings agency.