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Discussion Topics -- August 2, 2011
Debt Ceiling "Resolution" EU Soveregn Debt Crisis

(August 2, discussion) -- Now that the debt ceiling debate is over, and the dust is settling, the market is beginning to get a picture of what, if anything, was accomplished, and can be expected moving forward. The $2 trillion in cuts over ten years amounts to a small dent in our annual deficit, suggesting that the U.S. will continue to increase its debt to GDP ratio over the coming decade. The cuts suggested will merely slow, not reverse, this trend. In the end, this debt deal is nothing more than a giant kick of the can down the road, and a short road at that. The hike to the debt ceiling looks to only buy about six months, so this issue is set to be revisited next year. The market has digested this "resolution" as such, and gold has responded sharply higher, rising $60 in two days. The DOW meanwhile has come under significant pressure, shedding over 800 points in a week. Things across the pond are not looking any better. The credit facility set up by the ECB is insufficient at best, and contagion remains an enormous risk. Spreads on sovereign debt in Italy, Spain, Greece, Portugal and Ireland are at or near all time highs. As talks of dramatically expanding the credit facility heat up, we're left to wonder if its even possible for Europe to "go big enough" to calm market jitters. With Peter Grant, George Cooper, and Jonathan Kosares. 23min.

Republished with permission from Robert Ariail / Spartanburg Herald-Journal robertariail.com

Figure 1
national debt graph

Figure 2
Gold Price Graph

Figure 3

Dow Jones Graph

Figure 4

consumer expenditures


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(Aug/Sept, 2011) Newsletter Top 20 Quotes on Gold going over $1600 Click Here

Coins & bullion since 1973

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