Put simply, what we are experiencing is a currency battle between the US$ and Euro ... the US deliberately comes out with bad news to lower their dollar to improve exports and the European community always strikes back with bad news to devalue their currency to improve their exports.
Let's face it, Japan's debt as a percentage of GDP has been a lot worse than the US and Euro for many years and never once have we heard about Japan defaulting.
This is manipulation at its best and the US is very good at it.
Punters should also be reminded that there is a bug difference between the US Government and US business ... US business is doing reasonably well. As long as US business keeps doing well commodities will remain high.
The recent results of miners (such as Rio Tinto) and the banks (such as Commonwealth) are a reminder that our companies are rock solid.
