EU downgraded by Standard & Poor's.
China's Yuan - Fuhgeddaboudit!
Standard & Poor’s 500 Index has lowered the credit outlook for the EU as a whole to NEGATIVE.
So much for the EURO killing the Dollar!
SPIEGEL Online reported, in addition to the new aid for Greece, one of the reasons for the negative rating includes the investment plan by President Juncker to spend more money. No one comprehends that increasing tax enforcement and raising taxes is not the way to help Europe recover.
The IMF has taken the position that it should put off any move to add the yuan to its Special Drawing Rights currency basket until September 2016.
So much for the Yuan killing the Dollar!
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Livio S. Nespoli has been a broker, registered investment advisor, and financial publisher since 1985.