Much talk today of further putative downgrades for U.S. debt.
Hogwash.
At this point, absolute credit levels should be completely disregarded in favor of relative levels of safety. Something along the line of my own "Sovereign Debt Tier List" would be more useful than simply stating "The credit ratings of Western (and soon Eastern, Southern, etc.) Civilization are officially downgraded".
The bond and equity markets of the U.S. are evidence enough.
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