Today Moody’s downgraded Japan’s sovereign rating to Aa3. Guess what happened? Nothing much. When S&P released it’s decision on Aug. 5 to cut the U.S. to AA+ with a negative outlook, the S&P 500 Index swung by at least 4.6 percent in the four trading days following the change and gold prices rose 5…
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The Congressional Budget Office has come out with its final projection of the U.S. federal government’s budget deficit for the current 2011 fiscal year. The bad news? It’s about to set a brand new record (emphasis ours): For the federal government, the sharply lower revenues and elevated spending deriving from the financial turmoil and…
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