How to Rate the Creditworthiness of the US Government

If the sovereign is borrowing in its own currency then let's take default risk off the table it's just okay there's no not going to be default. The risk is depreciation that's the risk because depreciation is like default if a government has to resort to a printing press to pay off its bills you're going to lose your purchasing power. If they honestly assessed the credit worthiness of the United States they would have downgraded to junk status, he says.