by Jerry Robinson | FTMDaily Editor-in-Chief
HOUSTON, August 1
What a surprise! After the mainstream media forced you to watch hours upon hours of coverage on the staged debt ceiling "crisis," Washington somehow found a way to save their own hides, and pull off a "last-minute" debt deal.
Friends, on Saturday's radio show, I spent a considerable amount of time talking about how Washington was viewing this debt ceiling debate not as a "crisis", but instead as an opportunity. After all, in a world awash in debt, isn't America's ability to solve its debt problems in those final twilight hours simply an act of great bipartisanship. Perhaps Washington can solve our greater national debt crisis after all. At least better than their European counterparts. (Pardon my sarcasm… but you get my point.)
The truth is, the can has been kicked down the road for yet another day. Managing expectations and perceptions is how the game must be played in our current debt-based monetary system.
This is as good as it gets when your own money is actually a debt instrument.
As I stated on Saturday's show, I expect the U.S. stock markets to rise on the news of the announced debt deal. Bond yields will fall in relief. The U.S. Dollar should rise. And precious metals will fall slightly as some fear has been removed. However, the price dip in precious metals will not last long. If you have been wanting to buy or add to your positions, the metals may be on sale over the next couple of days.
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Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, FTMDaily.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour long radio show dedicated to deciphering the week's economic news.