Marc Faber : the S&P basically downgraded a junk bond

Marc Faber, publisher of the Gloom, Boom & Doom interviewed by Bloomberg Television on August 08th 2011 about the US Downgrade by the S&P Faber speaks from Chiang Mai, Thailand, :

Marc Faber : ...S&P basically downgraded a junk bond because it is no longer a triple A , a government bond has a triple A rating when it is willing to pay the interests in a stable currency we are not dealing in this particular case the US Dollar with a stable currency The rating agencies are looking backward and not forward , The US fiscal position is a disaster if you include non funded liabilities and some kind of default will occur , now there are two ways a government can default , it can default by not paying the interests and restructuring its debt as happened in Argentina and in other countries repeatedly , or it can repay the interests and the debt in a depreciated currency , all currencies all paper money are losing value in terms of their purchasing power and of course the Us Dolar is losing more of its purchasing power than other currencies " "