Doubts Over Economy Rise

Doubts and fears about the economy are on the rise. CEO's, professors, and investors alike are voicing their concerns over the economy. The United States lowered credit rating and worries with their job market has been in the forefront of the media for some time. The current European financial situation has jumped into the headlines lately.

Famous investor, Marc Faber spoke fervently on the subject to the media and in lectures. Allegedly while giving his lecture at World Commodities Week in London he stated "the governments they are going to *%$! you. That's for sure."  According to Marc, the current trend and state of things is dismal with him commenting that "typical households have lower standards of living that twenty to thirty years ago." While Faber's view remains dark on the subject, he himself claimed that he is an optimist in the face of his fears.

On October 26 a European Union summit took place and Harvard history professor Niall Ferguson commented about his vision on its outcome. "The ECB (European Central Bank) will have to continue buying bonds. They will have to print more aggressively than they have. In the end its going to be the ECB that prints its way out the crisis. Ferguson firmly believes that this is "the only credible end game" the ECB has and that the effect of all this printing will likely head to a cheaper euro.His fear is so rooted that he confidently thinks that there could possibly be a big bank failing in the european area. Ferguson's advice is to put money in the Italian banks.

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Spain and Italy Recently Downgraded

Last week Spain's credit rating from Fitch was downgraded. The downgrade was drastic, and once the news got out affected markets everywhere. Practically everything besides the US dollar went down in value. The US dollar was able to remain stable during this upheaval. Spain's previous credit rating had been AA+, but went down to AA-.

Italy was also downgraded around the same time Spain was. Italy's current credit rating given by Fitch is now A+. Unfortunately, their credit rating had been downgraded before on October 4th, 2011. The aforementioned reduction in credit rating was given by Moody's. A waning global outlook and a deteriorating confidence in the wholesale financial area in euro sovereigns were listed as just a few of the reasons for the reduction in credit rating. The Italian prime minister claimed that the lowering of the score was anticipated.

Sarasota Rare Coin Gallery can be reached at (941) 366-2191 or (800)447-8778. We have a spacious showroom and more than 40 years of experience. Our friendly and knowledgeable staff are here to assist you! Let us help you get the most for your PCGS and NGC graded coins!