or maybe we do...
http://www.cnbc.com/id/27641538
It is an extremely pessimistic scenario,
These ratings agencies were the same ones that allowed sub prime debt to be "packaged" into investment grade bonds with A ratings - their opinion is "tarnished" to say the least.
Sovereign debt is swamping the market and supply and demand kicks in, the market is short lenders who require a spread or yield to keep it buying it, This implies credit worthiness implications for the issuer - in this case a government like the US.
It pushes up long term interest rates.
But ultimately ...
All the major economies of the world are under the same systemic risk that the banks are/were.
They cannot survive untouched alone - without a global solution they will all hurt.
So it is in all self interests for all that the system holds.
But much like the banks - some were right up to their necks in shit and had to be rescued by the banks that were healthier.
The west is up to its neck and is reliant on the East to play the rescuing banker.
It is in the East's self interest to do it, but it is also a powerful position where they call the shots.
The ultimate price to pay for recovery from this economic fiasco is that the East bites out a chunk of the West in return for it's capital and the tectonic plates of the global order move decisively shifted Eastwards towards China several notches.