This is unthinkable, yet is projected by Moody's, the formost credit rating institution in the world. For years,the definition of AAA rating, the most secure rating that can be had, has been measured by US government bonds. Now, according to Moody’s, unless the U.S. can curb booming health care and Social Security spending, it could lose its AAA credit rating by 2017. If the government were to lose the ranking -- which it has held since 1917 -- confidence in the U.S.’s ability to pay back debts will be seriously damaged, and the U.S. economy could face a disaster which has been heretofore unthinkable.
Current holders of U.S. government debt include foreign central banks, huge pension funds and sovereign wealth funds. They have traditionally looked to the USA as a "safe haven" for money. If funds (domestic and international) which ONLY invest in AAA rated securities have to eschew the US treasury market, we will be in the interesting position of having no one left to loan us money on the international market...., or at least we will have to pay significantly more for what we borrow.
But enough about that. Let's move on the to the REAL important stuff! Have you seen the latests Brittney Spears video? Isn't she just hot??? Oh My God. She is just soooooo slutty!! And have you seen the Golden Globe awards? And doesn't Hillary just look OLD in her pictures? Isn't the internet wonderful? We can just chat away about all the stuff happening every day in our culture. I might buy a new car if I can get a new credit card with a limit high enough to make the down payment with it.