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“Why You Should Care About the Debt Ceiling Debate” 
By Nancy Mann Jackson

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Because the U.S. dollar is no longer backed by gold, it is backed by creditors’ “full faith that the United States will be good on paying back the money it borrows,” Moy says. “If that [faith] is damaged, then our credit rating gets lowered and our borrowing costs increase. But also, U.S. prestige takes a huge hit and clears the way for other countries to wean their dependence on the U.S. dollar and argue for a market basket of currencies.”

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