U.S. credit card defaults rise to record: Moody's
NEW YORK (Reuters) - The U.S. credit card charge-off rate rose to a record high in August, as more Americans lost their jobs, Moody's Investors Service said on Wednesday, in another sign consumers remain under stress. The Moody's credit card charge-off index -- which measures credit card loans that banks do not expect to be repaid -- rose to 11.49 percent in August from 10.52 percent in July.

The index resumed an upward trend after declining in July for the first time in almost a year, vanishing hopes of stabilization in the industry after record high credit losses.

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The concept of a world without one superpower dominant, has always been a temporary situation and one preceded or followed by war. In a world where economics and money dominate, the same principle applies. Whatever happens, uncertainty reigns until Pax Romana or Pax Americana, or any other Pax persists. The difference this time is that the war will be fought in the global economy and in foreign exchanges.

In such a world, national monetary certainty is illusive. It is in this type of world that gold reigns supreme because it is trusted all the world over as being untied to any government. It is the currency that enemies can pay each other in. Source: The Gold Forecaster