Greece is under pressure with it's credit rating, and looks to be the next country reaching critical mass.
"Moody's Investors Service said Tuesday that unless the U.S. government makes more moves to decrease the budget deficit or the economy improves more than anticipated, the government's "Aaa" bond rating will eventually be put under pressure."
HA! There is no way in heck Moody's downgrades the US rating until its obvious to everyone it should have been downgraded months ago.
And there lies the problem, the US is spending without restraint using every last bit of credit it can soak out of the world. It is relying on if it fails it would hurt too much, so the world must support it. Also it's a case of the other guys looks worse, so support the US.
But that blatant abuse of the position the US enjoys is exactly why it will eventually fail if it doesn't turn around. And there is no way Moody's is the first to blow the horn. Nice try Moody's but stating the obvious isn't doing your job. Doing your job is to downgrade US bonds when it is appropriate, and I doubt that you will do that.
Who wants to go down in history of being the last straw before the damn breaks? And a bond crisis will make 2008 look like a party.