On Friday, November 10, Moody’s Investors Service changed its outlook on US government debt, moving from Aaa stable to Aaa negative – meaning that it is set to downgrade US debt over the coming months. The downgrade is interesting in the respect that Moody’s tends to be a laggard when it comes to making ratings changes. In the current instance, it is seemingly trying to get ahead of the other rating agencies in a potential US downgrade. In my view, there are good reasons for doing so, but before going into more detail on the current circumstances, it is worth…

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