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The country which holds more U.S. debt than any other, has hit out at the failure of Congress to reach a deal over its debt ceiling. China says the political deadlock in Washington threatens the entire global economy. So far Republicans and Democrats have delayed a vote over limiting what the country owes, as they haven't agreed on rival budgets. They have until Tuesday to avoid a potentially devastating default. Earlier in the week, U.S. Secretary of State Hillary Clinton was in Beijing to reassure Asian leaders, that America will not fall back on its debt payments. But Peter Schiff from investment company Euro Pacific Capital, thinks China could well dump the dollar as its main reserve currency. RT on Twitter: http://twitter.com/RT_com RT on Facebook: http://www.facebook.com/RTnews
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Just days ahead of the expiry of the deadline for lifting the U.S. debt ceiling Business RT spoke with Louise Cooper, Markets Analyst at BGC Partners about the possible implications for the global financial system.
RT: Let's say we come to work Monday morning and the U.S. hasn't raised the debt ceiling. What sort of a mess would there be?
LC:“I find it quite interesting that, to my mind, there has been a lot of complacency by everybody in financial markets. As I walk around the trading floor, speak to economists and analysts that I used to work with, and colleagues and friends, they all say ‘Do not worry Louise, a deal will be done!’ Well I think we are now getting to the stage where people are starting to be concerned that a deal will not be done. So today we see on the front page of the Financial Times a lot of economists and strategists and analysts start to be quite vocal in their criticism of Washington, saying ‘come on guys it is time to sort it out.’ I think a lot of nervousness, we are all waiting for the last minute deal. I think markets will give them until Monday or Tuesday, but I think it could turn very quickly – you could get a run on confidence very quickly.”
RT: How heavily is sentiment being dominated by sovereign debt in Europe and the U.S. as some corporate earnings figures have been good?
LC: “As far as investors are concerned, yes we are interested in the earnings, yes Vodafone today has returned over 3 billion dollars to its shareholders in the UK. Yes we have had better figures from BSkyB, and yes we do talk about these things. But really the big picture, it’s all about the big picture, about the macro situation, it’s all about the Eurozone’s highly indebted periphery countries, it’s all about the crisis in the States, and that is truly where investors are focusing their thoughts. So it is dominated really at the moment by the macro situation.”
RT: Even if the U.S. does cobble together a deal, will the problem re-emerge when it has to raise the debt ceiling again?
LC:“Well we seem to be having the fun of kicking the can down the road in Europe, and maybe the Americans are discovering the joy of that particular game as well. Because, unlike many countries, they have this mandated legal limit to the amount of debt the American government can take on. It doesn’t exist in many other places around the world. And so if it is just a short term solution then we will be coming back and we will be revisiting this. And I think what is concerning now, a lot of players, even if we do get that short term fix, is the damage that it’s going to do to the American economy, which isn’t in great shape anyway, we are expecting 2Q GDP figures out in the next two hours actually, in two hours time, and I think the concern is the damage that this huge uncertainty is doing to consumer confidence in the States, but also to business confidence as well. And I think that the markets will look very closely at today’s economic GDP figures.”
RT: What should the pessimistic investor do that sees downgrades and defaults in the US and Europe?
LC: “I don’t know, maybe you should hide under your duvet. I am not sure, it is a wild and crazy world out there. You have seen gold very strong, you have seen the Swiss Franc very strong, you have seen German Bunds, German government debt, a lot of buyers of German government debt still. Or you could just put your money under your mattress. To be honest, where is safe nowadays? U.S. Treasuries was deemed safe – that was supposed to be the ultimate risk free asset. Many people would say that American debt is no longer the safest place to put your money.”
RT: Russia has an excellent budget position, does that make it attractive in the current climate?
LC: “I think there are some big serious questions about Russia, really, in terms of the rule of law, rule of business law, deep seated corruption. I mean, to be fair, a lot of oligarchs take their billions out of the country. Yes it benefits an awful lot from high oil prices, and we have had high oil prices for many years, but I think there is deep structural reform needs to happen to the Russian economy, before everyone starts piling their money into Russia rather than U.S. T-Bills.”
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All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
Ned Schmidt, editor of "The Value View Gold Report", discusses the ongoing countdown to the debt deadline, stressing that what makes the situation particularly unique is the level of emotional fervor associated with it, one that Schmidt says he has not seen since Nixon was in office in the 1970's. According to Schmidt, now is the time for investors to sell silver and moving it into gold and rhodium.
All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
The content contained in the Hyper Report is provided for informational purposes only. Use the information found in these videos as a starting point for conducting your own research and before making any significant investing decisions. All stories are sourced and assumes all information to be truthful and reliable; however, I cannot and do not warrant or guarantee the accuracy of this information.
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House reviews Speaker John Boehner's plan; White House prepares for default.
07/28/2011
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What you need to know if the U.S. loses its gold-plated credit rating.
07/27/2011
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Also read: http://www.euractiv.com/en/euro-finance/conflicting-statements-aggravate-euro... Eurozone leaders at their July 2011 emergency summit on the Greek financial crisis attempted to explain the financial details of the deal that is supposed to save Greece and the euro. This compiliation is based on actual quotes given during their press conferences in Brussels.
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The Dollar advanced against the other major pairs as an agreement to raise the debt limit remained elusive, spurring demand for a refuge. In addition, Durable Goods Orders came out -2.1% vs. 0.4% forecast and the Core Durable Goods at 0.1% vs. 0.5% forecast. Wall Street closed negative as NASDAQ fell by 2.65% and Dow by 1.59%, Crude fell by 2.2% owing to crude oil Inventories data which came better than the analyst's expectation at 2.3M vs. -1.2M forecast. Crude closed at $97.40 and Gold (XAU) at $1613.45, a loss of 0.35%. Today, Unemployment Claims are expected to be 412K vs. 418K last week, and Pending Home Sales are expected to show a decline from 8.20% to -2.00%. The Euro fell against the Dollar after Standard & Poor lowered Greece to CC, two steps above default. The EUR/USD's momentum has become bearish with the pair breaking 1.4450. As long as the Euro is trading below 1.4400 the pair will probably decrease further to 1.4250 or even less. Overall, EUR/USD traded with a low of 1.4338 and a high of 1.4536. Today, German Unemployment Change is expected to be -15.00K vs. -8.00K prior. The Pound declined from a two-month high against the dollar as an index of U.K. factory orders fell more than estimated. As long as the GBP\USD is trading below 1.6400 the momentum of the pound is bearish. Overall, GBP/USD traded with a low of 1.6312 and a high of 1.6439. Today, CBI Realized Sales are expected positive. The Yen fluctuated versus the Dollar only to succeed in gaining as negative US data caused investors to favor the Yen as a refuge. The main trend of the USD/JPY's is strongly bearish. As long as the pair is trading below 78.50 the yen is the more attractive. Overall, USD/JPY traded with a low of 77.57 and a high of 78.16. No economic data is expected today. The Canadian Dollar weakened versus the Dollar as the latter gained strength and oil prices fell. As long as the pair is trading above 0.9440 the US Dollar momentum is positive. Next resistance on the one-hour chart is at 0.9530. Overall, USD/CAD traded with a low of 0.9410 and a high of 0.9505. No economic data is expected today.
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European shares have fallen for the third-straight session. Investors worry about the standoff over U.S. debt.
The Frankfurt stock exchange started Wednesday heading downhill.
Germany wasn't alone.
All the key European markets fell in morning trade, amid concerns over the state of the U.S. economy.
Wrangling continues across the Atlantic over what to do to avoid a possible default.
And that's seen European investors cut their exposure to riskier assets.
Stefan Scharffetter from Baader Bank says there's every reason for Europe to worry if the U.S. situation worsens.
[Stefan Scharffetter, Baader Bank]:
"One can't really imagine what would happen if the U.S. becomes bankrupt. This could have consequences of such an extent that we have never seen before and so what we experienced two or three years ago with Lehman would only be a small fish compared to this."
A sick U.S. economy is the last thing the Euro zone needs, as it struggles to contain its own crisis.
Gold is viewed as a safe-haven for worried investors. It's reached a new record, of $1625.80 an ounce.
By midday the FTSEurofirst 300 had fallen more than four percent, down for its third straight session.
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Digging for Gold with TheStreet.com. Debra Borchardt and Alix Steel tell investors their gold-buying options in the middle of this financial mess.
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Fund managers and analysts, by nature, can not give objective advice. If you want to really get a sense of where to put your money, talk to the man on the street. The financial crisis was just an appetizer for what is to come and emerging markets are the most attractive investment for portfolio investors right now. Those are just some of the headlines from Marc Faber, Editor and Publisher of the Gloom, Boom and Doom Report. Dr. Faber joins us for this special edition of Financial Friday from the floor of the The International Cash Conference in Copenhagen.
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The markets are continuing to see sharp selling as the government is not close to a debt ceiling resolution. As the August 2nd date inches closer, the markets will get more and more worried. Should an agreement be reached, the markets should have an epic rally for a day or two. Right now, fear is ruling Wall Street and the downside continues to hold. The selling is broad based today with all commodities lower, technology taking a big hit and even the Dow 30, down solidly. Small caps continue to be one area of play with biotech leading the charge. MSHL ran almost 200% today from the alert inside the Intra Day Stock Chat. Great job to those that caught it. Take the seven day free trial of the Research Center and Intra Day Stock Chat. Get the inside trades from the best in the world
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The Debt Crisis In Summation
