Dear Friends,

CIGA John Williams notes the following:

- Dollar Debasement Accelerates Dangerously
- U .S. Rating Downgrade Will Have Unhappy Ripple Effects
- QE3 Likely Will Be Indicated This Week
- Payroll and Unemployment Improvements Were Not Statistically Meaningful
- July Unemployment Rates: 9.1% (U.3), 16.1% (U.6), 22.7% (SGS)
- Broad Money Supply Increased in July