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A depreciated but stable currency in a higher interest environment could be considered more desirable. The macro-economic theory runs deeper than 'weak currency is undesirable'. It's fucking great for US exporters.

Thank you for your graphic with arrow. The US cost of borrowing will increase due to the ratings downgrade. The cost of borrowing is very different to the bond rate.

This all explains the US' eagerness (let's be honest, insistence) to have their credit rating downgraded.

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