Credit rating agencies like Moody's and Standard & Poor's seem to be a player in the overall financial dilemma. They give the speculators, usurers, demagogues and thieves cover for their activities until it's too late.
Credit of course means belief. Creditworthy means believable. If you can't believe the connoisseurs of Belief, you'll have to believe your own senses.
There is no point in calling what's happening a dilemma, a problem or even a crisis. Because it is criminal, and even illegal, it should be called a scheme at the very least. Scam sounds too cute. It's been a long con. Conspiracy, or merely confidence game? Perhaps both.
The debt ceiling is obviously not a ceiling at all nor a limit of any kind. It exists to be exceeded. Even a fig leaf serves the purpose of hiding something. The debt ceiling no longer even hides anything. Like the agencies, it is an element of the Ponzi scheme.
The U.S. is "in danger" of having its credit rating downgraded from Triple A to Double A. Obviously even this rating is far too high; the rating should be BS, or at least BR for "bankrupt," because we are - bankrupt, that is.
A lowered credit rating will mean having to pay a higher interest rate to borrow. Why should the U.S. not have to pay higher interest to borrow? Higher interest is intended to curb borrowing (supply and demand). Isn't it a good idea for bankrupts to curb their borrowing?
What will happen if the U.S. defaults? First, it would not happen immediately, as there is so much revenue pouring in and already on hand. But default would mark the beginning of the end of government by Ponzi scheme. It is probable that we can't even begin to end it without taking the hit of default. Default is that cold shower of Reality that our "leaders" have been desperate to avoid for so many years now. Since the U.S. is not good for its debts, default merely acknowledges that fact. Isn't the first step in ending addiction the recognition that the addiction exists?
By saying "We are not Greece," Obama confirms that we are Greece - we are all Greece now. Dilemma ... problema ... krisis ... schema ... It's all Greek to us.