This final note today, just ’cause we haven’t been spending enough time on the debt debacle.
Got this from Tyler Cowen’s blog, Marginal Revolution, today. Talking about the Triple A credit rating American debt has. We’ve got a lot of it. The U.S. Department of Treasury issues 59 percent of all — as in worldwide — all the triple A sovereign debt that’s out there. Nobody else is even close. Germany’s next at 10 percent; France at 9; the U.K. at 8 percent.
One conclusion, then? If that triple A goes away, it’s a big fat global economy problem.