Egan-Jones downgrades its U.S. debt rating to AA- from AA. "Some market observers contend that a...

|By:, SA News Editor

Egan-Jones downgrades its U.S. debt rating to AA- from AA. "Some market observers contend that a country issuing debt in its own currency can never default since it can simply print," but Reinhart and Rogoff show 70 out of 320 defaults since 1800 have been on local currency public debt.