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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Discussions of a Treasury default all share one common feature�no one is certain as to what a default would actually entail. A recent article in The Economist highlights a study by Terry Zivney (Ball State University) and Richard Marcus (University of Wisconsin-Milwaukee) that looked at the last instance of U.S. default in 1979. The…
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