Bank of America Corp. (BAC), Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C) had their credit grades cut by Fitch Ratings as the impact of financial regulation and market turmoil (VIX) weighed on the industry.
The full article is at http://www.bloomberg.com/news/2011-12-15/bank-of-america-goldman-sachs-barclays-default-ratings-reduced-by-fitch.html
My comment: And so it continues ... banks and nations having their creditworthiness downgraded.
The printing presses will be going full throttle ahead imo. Monopoly money will be used to pay off debts.
In this scenario it is only a matter of time before gold soars imo because real, physical gold cannot be printed or created by a computer entry unlike fiat money.
