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My first impression as a consumer of Michael Hudson content: By the logic of the invisible hand, a drop in the credit rating will lead to a rise in treasury interest rates, which means the wealthy will move more money out of the real economy and into treasury securities.
You might call it a red herring, to give a credit rating to the government that literally prints the money. But probably a better way to think of it is as a political tool of the haute bourgeoisie.
