U.S. Government Merits a Junk Credit Rating

The real scandal here is that S&P knows that the Fed and ECB have been printing money like crazy to buy up debts, both private and public. It also knows that given long-term fiscal commitments and likely future economic conditions, these central banks will surely need to print vastly more money, which means bondholders will end up being paid back only partially or in debased currencies. And it should know that this implies one and only one rating: CCC.