February 22, 2012
The euro (EUR) was removed from the boiling water this weekend, as the next phase of the bailout for Greece was approved… The reaction of the euro has been somewhat muted though, as most of the markets, being Pfennig readers, already saw the baby steps of stabilization going on, and priced in an approval… The euro has moved higher than 1.32 this morning, but, like I said, the move has been somewhat muted…
You see… Details, details… The details always get in the way, eh? Apparently, the final draft of the agreement — which, I must say, I was relieved to see the negotiations not break down — includes a 53% haircut on Greek bonds, which are terms that are much harsher for the private-sector than originally thought… More...
More Top Stories:
(CBS News)
DENVER - Colorado State Senators will consider a bill that would allow people to use gold and silver as currency.
A similar measure is already in place in Utah and is being considered in 12 other states, reports CBS Station KCNC.
Supporters are concerned about the strength of the U.S. dollar.
The sponsors of the bill say they are concerned about the strength of the U.S. dollar, public debt, and currency devaluation.
"Over history just about every country in the world that has had a serious debt crisis has intentionally inflated their currency," Sen. Kent Lambert, R, told KCNC's Michelle Griego. More...
U.S. to hit debt limit before election dayThe United States Department of Treasury will reach the the statutory limit it is allowed to borrow money before election day, according to a new study by Sen. Rob Portman, R-Ohio., former director of the U.S. Office of Management and Budget.
“Following the contentious debt ceiling last August, President Obama promised that he would take action to address the country’s fiscal crisis. He has failed to do that," Portman said. "In fact, his new budget increases spending and projects that Washington will be hitting the debt ceiling again in mid-October – burning through a $2.1 trillion debt limit increase in just over 14 months." More...
Featured Commentary:
Swiss America believes owning classic United States $20 Gold coins is no longer a luxury, but rather, a necessity.
gold Sovereign debt problems in the United States and Europe seem destined to worsen this year. The mainstream financial media may never report about the likely inflationary consequences of bailouts and "quantitative easing," nor are they likely ever to recommend tangible assets for financial protection.
At the moment the public interest and demand for Double Eagle U.S. $20 gold coins is low, so the price premiums above the intrinsic melt values (.9675 ounce of pure gold in each coin) are historically low. The historical ratio of price to bullion content for these collector coins has been 2:1, but today it is about 1.25:1 More...
