# US credit rating downgraded



## patnor1011 (Aug 5, 2011)

http://www.bloomberg.com/news/2011-08-06/u-s-credit-rating-cut-by-s-p-for-first-time-on-deficit-reduction-accord.html

I wonder what this will do to gold prices.... :shock:


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## Barren Realms 007 (Aug 5, 2011)

The committee of bond dealers and investors that advises the U.S. Treasury said the dollar’s status as the world’s reserve currency “appears to be slipping” in quarterly feedback presented to the government on Aug. 3. The U.S. currency’s portion of global currency reserves dropped to 60.7 percent in the period ended March 31, from a peak of 72.7 percent in 2001, International Monetary Fund data show. 

I feel this paragraph tells the most about what is taking place with the dollar. Other nations are loosing confidence in the dollar. They will be moving thier money to a safer haven than the dollar.

Did anyone see the report from CNBC on the Trillion's of dollars lost in the world economy since the market's have started tanking again?

It's just another series of nails in the coffin....

Get ready folks this is going to get ugly for a long time..


Chance favors the prepared!!!!!


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## patnor1011 (Aug 5, 2011)

Barren Realms 007 said:


> The committee of bond dealers and investors that advises the U.S. Treasury said the dollar’s status as the world’s reserve currency “appears to be slipping” in quarterly feedback presented to the government on Aug. 3. The U.S. currency’s portion of global currency reserves dropped to 60.7 percent in the period ended March 31, from a peak of 72.7 percent in 2001, International Monetary Fund data show.
> 
> I feel this paragraph tells the most about what is taking place with the dollar. Other nations are loosing confidence in the dollar. They will be moving thier money to a safer haven than the dollar.
> 
> ...




because of this:
http://www.france24.com/en/20110805-china-says-debt-financing-unlikely-save-us-eu


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## Barren Realms 007 (Aug 5, 2011)

Yep I agree. Check in about 5 years and see how much more ground the dollar has lost.


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## 4metals (Aug 5, 2011)

S&P, isn't that the agency who didn't really understand derivitaves and gave them a AAA rating. Then after everything crashed we find out their salary is paid by the companies they rate. They cost billions of dollars in pensions to be lost because they did a bad job and now they are suddenly qualified to rate a country? 

Something stinks there!


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## jimdoc (Aug 5, 2011)

I think something stinks with the other companies that didn't downgrade the US credit rating.
As bad as things are and they keep it at top ratings? That seems like BS they are putting over on everybody. 

Jim


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## rewalston (Aug 6, 2011)

The US government is the only business (yes they are for all intents and purposes a business although poorly run) that I know of that at the end of the year they don't write off their losses. I don't know of any other business that at the end of the fiscal year they say "oh damn we owe so and so $1,000,000..we'll just roll it over to next year." Very poor business practice if you ask me. Any other business do as crappy as the US federal government has, would have their doors closed permanently. And from the way the other governments are looking at the dollar...that may just happen. 

Rusty


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## patnor1011 (Aug 6, 2011)

Aside from reason why they did it my question is why they waited till friday evening when markets close? Maybe they just did that on purpose to prevent huge losses which would occur if markets were opened? Probably there is expectation that govt figures will go out in public talking we will do this and that and we will be back in game again and nothing drastic will happen on monday morning?
Too many unknowns.... Gold jumped 14,6 up that precise minute when downgrade was announced.


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## Claudie (Aug 6, 2011)

Does anyone really know what all was included in the "Debt Deal"?
http://www.youtube.com/watch?v=fsxDUiV6yYQ&feature=player_embedded

:|


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## seawolf (Aug 6, 2011)

I think it may become even worse than he portrays it. 6 democrats 6 republicans 1 president = 13 is that unlucky or what?
Mark


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## joem (Aug 14, 2011)

a neat little site for credit ratings
http://chartsbin.com/view/1175


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