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Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Article / 10 October 2013 at 9:08 GMT

Saxo boss: US debt debate "complete nonsense"

Co-founder and CEO / Saxo Bank A/S
Denmark

The shut down and the debt debate in the States is "complete nonsense", according to Saxo Bank's co-CEO, Kim Fournais. He says politicians need to back off and let businesses run their operations in their own way. October the 17th is the deadline for an agreement on raising the US debt ceiling, otherwise the US could default.  But as yet there is no sign of the impasse being broken. 

Fournais says too much money is being spent on the US budget and politicians need to remember that what brings prosperity and welfare is profitable businesses, but that it is increasingly difficult to run any enterprise.


President Obama has said he is willing to hold talks with the Republicans on "every item in the budget".  But he says he will not negotiate until Republicans agree to lift the dual threats of the government shutdown and the fiscal calamity looming if the US breaches the debt ceiling.

The IMF has warned a failure by Congress to raise the federal debt ceiling and US default would cause "a worldwide shock" to the economy.
The US government began a partial shutdown on October 1st after Republicans refused to approve a budget. They said they would only do so if funding for President Barack Obama's healthcare reforms was delayed.
The US government has experienced 18 shutdowns in the past 30 years, with the last one lasting 21 days under US President Bill Clinton in 1995, costing the economy over USD 1 billion.

6y
alpha yankee alpha yankee
in a world where super powers cannot war with each other sometimes shocks are necessary to make a trump... many have become rich by the uptrend pursuing Lehman fall....besides if we see the train is coming then we normally keep our head off the line... US is giving this time to all the players, draw off your risks and take a fresh breath, then after a complete collapse re-engage big bounty positions... I admire Obama for his courage and persistence... Long live Oby-wan kenobi... may the force be with you.
6y
alpha yankee alpha yankee
a fearsome and angry crowd has now commenced to summon before the House of Uncle Sam; Trick or Treat they yell... waiting for the Halloween Candy... everything is up to the persistence of Oby, can he dare the consequences of such a drama... if he could he would open a new historical era in the world after French Revolution...
6y
alpha yankee alpha yankee
Holy See banks always know whats gonna happen before (Eye of the Beholder), though it is almost impossible to observe, I wonder what this illuminati staff do about their positions nowadays, if they take it easy then nobody should worry...
6y
United Overseas United Overseas
Alpha Yankee...very interesting to read your unique thank you!
6y
alpha yankee alpha yankee
My pleasure United
5y
goldurgent goldurgent
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