Can't the federal gov just lend the local gov forever? The U.S has about $26 t debt and people don't seem to care much.... >> Nor has the credit rating system

Can't the federal gov just lend the local gov forever? The U.S has about $26 t debt and people don't seem to care much.... >> Nor has the credit rating system kept pace with the growth in Chinese capital markets. I don't know why people still talk about the credit rating system when we know that the credit rating systems(i.e. Moody's) failed completely when it mattered(i.e in 2008).