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0 U.S. debt hurricane ahead. Gold should provide some protection!

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Forty-eight U.S. states will be in deficit this year and the combined shortfall will probably exceed $300 billion. That puts Greece's expected 2010 budget shortfall of around $28 billion into perspective. Indeed Greece's shortfall is put at around 13.6% of GDP, whereas there are a good number of U.S. states anticipating deficits of more than 20% this year - including some, like California, New York, Florida and Illinois, with far bigger economies than Greece. Indeed there are around a dozen U.S. states with bigger economies than Greece and most of these anticipate 2010 deficits at this kind of level! And look what news of the Greek deficit, once it was generally publicised, did to the markets!

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