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The confirmation came earlier this month, from President Barack Obama. In a pre-recorded interview broadcast by CBS News, Obama warned that the United States may revert to another recession if Congress [link widoczny dla zalogowanych] failed to raise the current debt ceiling before this hits its current limit. Unless this decision is made, "we could have a worse recession than we already had, a [link widoczny dla zalogowanych] worse financial crisis than we already had," Reuters quoted Obama as saying in the interview. The White House also made it clear that compromise is needed and the Republicans should quit associating their debt ceiling decision with the spending cuts they proposed as part of the deficit-reduction package.
However, a former US Secretary of labor in May this year said this was not at [link widoczny dla zalogowanych] all a good time to reduce public expenditures, emphasizing that inflation was not a bigger threat than slowing consumer spending, that will most [link widoczny dla zalogowanych] probably trigger a new crisis. Consumer spending in [link widoczny dla zalogowanych] the US is caused by [link widoczny dla zalogowanych] lower salaries and a continuous decline in the value of real estate. Moreover, food and energy prices are going up, and this will have an adverse impact on the demand as well, as people who pay more [link widoczny dla zalogowanych] for food and gas will spend less in the rest of the economy. The monetary policies implemented by the Government add to all this by pushing the dollar down, so that goods coming from abroad become more expensive. All these spell recession.
The economy of United States is affected by the complicated situation [link widoczny dla zalogowanych] in Europe as well, as EU States taking bailout measures started to cut their imports from the USA and plan to send their exports to the USA as a bootstrap solution. This could also be the case for China, economists said last year, when the country was starting to face the real estate crisis likely to prompt the country to export its goods to the United States. But the demand in US is already down, as is the consumer spending [link widoczny dla zalogowanych] and this is how the US crisis will, in its turn, impact on other countries.
The rumored risk of a double-dip US recession, the collapse of the bond market and skyrocketing inflation inducing panic into [link widoczny dla zalogowanych] the precious metals' market, will most likely cause the prices of precious metals increase. [link widoczny dla zalogowanych] These prices are a good cursor in the economy. When they are high (especially gold) the economy is usually either in crisis or inflation. When they are low, the economy and the stock market are usually strong. Gold price news are important to follow, as they say a lot about economic developments.