The author argues that AAA debt is dangerous because it breeds complacency because it is considered risk-free. It strikes me that this is begging the question of how all these debt instruments can carry the same grade and do so so consistently. Is it not the case that AAA debt is dangerous because most of it is probably not really AAA?

I thought we established a long time ago that the ratings system is broken, this is just another symptom of that illness that no one is willing to even try to cure.