Forum Post: Today's Bailout: Will It Prevent Collapse?

S&P downgrades 6 biggest US banks

"Standard & Poor's ratings service has cut the ratings of the six largest U.S. bank holding companies by one notch. JP Morgan Chase went from A+ to A; Goldman Sachs, Bank of America, Morgan Stanley and Citigroup were downgraded from A to A-; and Wells Fargo was cut from AA- to A+"

What Today's Global Fed-Funded Bailout Means For The Future

"Today’s unprecedented announcement by the world’s most powerful central banks was a loud and clear bell ringing to buy precious metals. The move, disguised as an attempt to help the fragile state of the global economy, is in reality a move to prop up failing banks in Europe and the US. By reducing interest rates paid for dollar swaps, central bankers are in effect increasing the quantity of global dollars in circulation. The result? The dollar will weaken, inflation will rise, and gold will soar. Gold was up more than $30 today, and the dollar got crushed."

"Furthermore, as Goldman made all too clear, this is merely the beginning as more and more inflationary actions have to be undertaken by central banks to save banks from being crushed by untenable debt loads. Whether they succeed in overturning the deflationary tsunami is unknown."

Peter Schiff: "This is not a bailout for the Eurozone, it's a bailout for banks on both sides of the Atlantic." Watch the video. Yes, Peter Schiff is a precious metals guy, and he was an economic adviser to Ron Lawl's 2008 presidential campaign, but he has a solid understanding of the global economy and isn't afraid to speak his mind.