The Dagong Global Credit Rating Co., the Chinese rating company that was recently rejected in its bid to be an officially recognized bond rater in the U.S., just downgraded the entire U.S. as was reported this morning in the Wall Street Journal.
Gold is above $1400, making strong gains, Silver is over $29 - a near 20% gain in 4 days- both new record highs compared to the dollar.
Oil is knocking on $90 / barrel.
So, what does the Obama administration and the Fed think we should do? Print more money.
These are the stupidest people ever to be in charge of anything. I wouldn't allow them to operate a lemonaid stand.