Today's speech given by Republican Speaker of the U.S. House of Representatives, John Boehner, did not fill me with any great confidence that an actual meaningful compromise would be reached on the Fiscal Cliff issue before it's due to take effect by January 1, 2013.
It simply amazes me how anyone can think that not raising taxes will ever deal with the ever-increasing U.S. National Debt, which is over $16 Trillion.
World confidence in the U.S. will rest on whether the Republicans are prepared to work with their Democratic counter-parties and President, not just on this issue, but on all issues over the next four years. It's my opinion that this unwillingness to reach compromises, as demonstrated over the past four years, has already hurt the ability of America to recover from the last credit crises in a timely manner. Excessive money-printing by the Fed in the future without political/fiscal action will, no doubt, be seen as a smoke-screen for lack of political will...this will damage the U.S. recovery efforts even further.
***The war between its own political parties is a greater threat to America than any threat from its enemies.
I remain...unconvinced, but hopeful.
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UPCOMING (MAJOR) ECONOMIC EVENTS...
* Thurs. Aug. 24, Fri. 25 & Sat. 26 ~ Jackson Hole Economic Policy Symposium -- (Fri. @ 10:00 am ET ~ Janet Yellen speaks)
* Fri. Sept. 1 @ 8:30 am ET ~ Employment Data
* Mon. Sept. 4 ~ Labour Day holiday...U.S. markets closed...Canadian markets closed
* Wed. Sept. 6 @ 2:00 pm ET ~ Beige Book Report
* Tues. Sept. 19 ~ 2-day FOMC Meeting Begins
* Wed. Sept. 20 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Wed. Oct. 11 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Tues. Oct. 31 ~ 2-day FOMC Meeting Begins
* Wed. Nov. 1 @ 2:00 pm ET ~ FOMC Announcement
* Tues. Dec. 12 ~ 2-day FOMC Meeting Begins
* Wed. Dec. 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference