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So...what are those ratings really worth, anyway? Recall that on the CMOs, the agencies simply went with what the underwriter asked and did no independent analysis.

Will the U.S. pay its debts? Sure. No worries on that one. Those bonds will be paid in full and on time, right to the penny.

However - no one ever said what that penny (or, for that matter, all those trillions of dollars) would be worth.

I figure about half what they are now. Pity the poor retiree living (existing?) on a fixed income.