Of the world’s share of AAA sovereign debt, we issue 59 percent of it. (Next is Germany with ten percent and then France with nine percent of the total.) You can read this a few ways:
1. Wow, we really abuse that AAA privilege.
2. Losing the AAA rating would spell disaster for repo markets and the like.
3. The world trusts us enormously, isn’t that wonderful?
4. All of the above.