The morning euphoria tied to news of proposed deficit cuts in ITALY and news that both Germany and France had agreed to push for changes to the EU treaties in regards to tighter budget and deficit rules for member nations has given way as news hits the trading floor that ratings agency Standard and Poors is placing both Germany and France on review for a potential downgrade.
Other AAA rated European nations are also going to be placed on review. Once put on review, any downgrade could occur within 90 days.
Gold and Silver were both hit hard on the newsflash.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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