It is a dilemma: in an attempt to regain credibility, the ratings agencies are wielding the axe of a ratings downgrade for the US, and much ink is being spilled on the disaster that could ensue as they exert their power. But cutting the sovereign’s triple-A status might do far more damage to the ratings agencies than it would do to the US economy. Indeed, it could well be the largest indication of just how irrelevant ratings agencies have become.
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