"The downgrade is effectively a currency downgrade, which seems very reasonable, overdue and, in real terms, insufficient. We would argue that in real terms, US Treasury obligations are non investment-grade. We think Treasury obligations today and always will be money-good, but principal and interest will be repaid with bad money." Paul Brodsky and Lee Quaintance of QBAMCO quoted.
And from the comments:
"If Aliens came to Earth, and you told them the world's reserve currency was AA+, while other currencies were rated AAA, they'd leave our solar system". Hmmm.
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