A year ago this week marked the beginning of arguably the worst period for American markets since the darkest days of the financial crisis. The depths of the European mess were just becoming known, our economy was demonstrably slowing, and a shameful debt-ceiling debate threatened to shut down the government.
To Lee Munson, author of Rigged Money, the appeal of U.S. debt transcends ratings agencies.
"Even though we're a bit tarnished because of the amount of spending going on in Washington, we do have the best brand," Munson says.
The illusion of a Fiscal Cliff isn't going to wreck us now.
The solution, when it comes, is going to hurt everyone as Munson sees it. For all the howls to the contrary, nothing currently on the table is likely to destroy the republic.
Neither will the markets. If we're having the same conversation this time next year, stocks will be far below anything we saw in August of 2011.