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Discussion Topics -- May 25, 2011
Sovereign Debt Deja Vu
Debt Ceiling

(May 25, discussion) -- As the sovereign debt crisis in Europe ramps up less than a year after first surfacing, one can't help but feel a sense of deja vu. The relative ineffectiveness of the bailout measures used by the European Central Bank over the last year is creating headwinds to a re-implementation of the same measures moving forward. Default for Greece is becoming a very real possibility, creating very real contagion risks for other European banks, the ECB, and even the US banking system. Meanwhile, the United States officially hit its debt ceiling, and is now presented with the implication of raising it yet again by this coming August. This has sparked a spirited political debate of what concessions might be made in government spending before approval of the hike will be granted. Such austerity measures seem practically meaningless as the Federal Reserve has all but guaranteed that any slowdown stemming from political tightening will be counterbalanced with monetary easing, thus making the prospect of future quantitative easing very real. All have combined to escalate gold demand to record levels, with some very prolific purchase of physical metal making headlines over the past few weeks. With Peter Grant, George Cooper, and Jonathan Kosares. 28min.

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Euro May, 2011

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Pound May, 2011


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Coins & bullion since 1973

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