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Shock Wave Coming: 'Gold & currencies basket to substitute US dollar'

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Published on Aug 7, 2011

Higher borrowing costs, weakening business and consumer confidence as well as slimmer chances of recovery - it's the potential ripple effect for the United States, after its top-tier AAA credit rating was cut by one notch. Standard & Poor's took the unprecedented move of dropping America's ranking to AA+ in its outlook. White House officials are on the defensive - saying there's a two-trillion-dollar mistake. S&P admitted that, but is sticking with its decision, which it says is objective. It's despite the last-minute debt deal which narrowly rescued the country from default. But the damage was already done, as the political haggling undermined investors trust. Economist Max Fraad Wolff says brace yourself for a stock market rollercoaster on Monday.

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Comments • 214

AnneTigerTinkBen
all I know for sure is that gold is $1,500 - $1,800 per ounce. "proof is in the pudding"
HaRsH Rao
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Sultan Mohamed
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Sultan Mohamed
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Sultan Mohamed
@Friendly011982 What friendly quotes, your absolute truths Santa has left gifts for children on christmas night Easter bunny has left candys and hidden eggs Theres treasure behind rainbow 911 was carried out by 20 men from cave
alvisc2002
@blkhat117 you buy it before the dollar falls lol.
Ydontyou Fvckoff
@ArabUPSB lol yhhhhhhhhhh
Ydontyou Fvckoff
revolution is finally here
MrFirmbottom
@MegaObserver2010 I agree. Pull the plug, reset the system.
manictiger
@VivaMydick Technically, paper is backed by wealth. Yes, that can fail. I don't think it will fail, but I do think its notably weak right now. This is what currency traders would call a crap market.
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