02/23/2013 02:05 pm ET

Krugman: 'Ratings Agency Judgements Are Literally Worse Than Useless'

So, people want me to comment on the Moody’s downgrade of Britain. No real news there. As a guide to the future, ratings agency judgments are literally worse than useless; remember, US bond yields actually fell after the 2011 S&P downgrade.

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