Gold briefly topped $1000 per ounce but then dipped back below that psychologically important level.
The dollar slid to its lowest level since September 2008 as China expressed inflationary concerns about the U.S. amid more calls for a diversification out of the dollar as the sole reserve currency.
The Federal Reserve reported that consumer credit plunged by $21.6 billion in August, its largest decline on record. The decline came as banks cut credit lines and consumers continued to deleverage.
While this cycle’s current decline in consumer credit is a first, it is difficult to draw conclusions for the future – Will consumers releverage? Is the deleveraging a lasting retracement of past overleveraging? Does it indicate that the economic retrenchment has further to go?
None of those questions are likely to be answered in short order.
bank lending is so tight that its going to force home owners to lower their prices
With mortgage rates the way they are have you looked into Surprise AZ Real Estate? The deals are cheap right now with all the foreclosures and way below market value. Something to think about eh?
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