My Dear Friends,
The two most likely resolutions to the political debate over the US debt are:
1. A compromise that does nothing meaningful to cut entitlement spending and other set government spending.
2. A downgrade of US debt by major rating agencies.
Either choice is extremely bullish for Gold
Enjoy your weekend,
Jim
Jim Sinclair’s Commentary
Today’s events in the political circus of US Debt.
Late stab at debt-limit deal to avert US default
By DAVID ESPO , 07.30.11, 08:43 PM EDT
WASHINGTON — After weeks of intense partisanship, Republican congressional leaders and President Barack Obama made a last-minute stab at compromise Saturday to avoid a government default threatened for early next week.
But there was no undisputed evidence of progress by day’s end, only expressions of anxiety among lawmakers that a potentially crippling blow to the nation’s economy was drawing uncomfortably close. The deadline for raising the nation’s debt limit and averting an unprecedented U.S. default was just three days away.
“We are now fully engaged, the speaker and I, with the one person in America out of 307 million people who can sign a bill into law,” Senate Republican leader Mitch McConnell said at a joint news conference with House Speaker John Boehner.
“I’m confident and optimistic that we’re going to get an agreement in the very near future and resolve this crisis in the best interests of the American people.”
But McConnell’s upbeat assessment triggered an unusually pointed rebuttal from Senate Majority Leader Harry Reid.
Jim Sinclair’s Commentary
Three bank closures so far this weekend.
July 29, 2011
These links contain useful information for the customers and vendors of these closed banks.
Integra Bank, National Association, Evansville, IN
BankMeridian, N.A., Columbia, SC
Virginia Business Bank, Richmond, VA
