Rida Leo: Moody's still underestimates the risks facing US government debt.

Bridgewater Associates founder Ray Dalio warned that although Moody's downgraded the US sovereign credit rating, "you should know that credit ratings underestimate credit risk, because they only evaluate the risk of governments defaulting on debt.... They do not consider the greater risk that indebted countries will print money to repay debt, leading bondholders to incur losses due to the devaluation of the funds they receive.... In other words, for those who care about the value of funds, the risk of US government debt is greater than what rating agencies convey."