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Quarterly Newsletter - Autumn 2011

When we wrote the last quarterly newsletter, we were witnessing a standoff between President Obama’s administration and the Republican-led Congress over raising the US debt ceiling.  The three big credit rating agencies, Standard & Poor’s, Moody’s and Fitch signalled back in March that America was in danger of losing its cherished triple-A debt rating if agreement could not be reached or the spending cuts were not big enough.  Investors moved out of the dollar, resulting in gold, the Swiss franc and Japanese yen all being pushed ever higher.

However, as often happens in American politics, the hatchet was buried at the last moment and a compromise was reached, allowing the debt ceiling to be raised by US$2.1 trillion ...