Wednesday, August 25, 2010
By David Levenstein: A little over a week ago, U.S. Treasury Secretary Timothy Geithner wrote an article for the New York Times entitled Welcome To The Recovery in which he touted the great strides that the U.S. economy was making. But, with unemployment still dangerously high, foreclosures and personal bankruptcies continuing to set all-time records, shrinking manufacturing, burgeoning national debt, massive budget deficits, I can't see any recovery at all. Don't get me wrong, I am not attacking Geithner as I would not like his job for all the gold in Fort Knox, if indeed there is any really left, but, I think all the economic rescue package did was to save a few financial institutions from becoming extinct. "Panicked by the collapse in demand and financing and fearing a prolonged slump, the private sector cut payrolls and investment savagely. The rate of job loss worsened with time: by early last year, 750,000 jobs vanished every month. The economic collapse drove tax revenue down, pushing the annual deficit up to $1.3 trillion by last January. The economic rescue package that President Obama put in place was essential to turning the economy around. The combined effect of government actions taken over the past two years - the stimulus package, the stress tests and recapitalization of the banks, the restructuring of the American car industry and the many steps taken by the Federal Reserve - were extremely effective in stopping the freefall and restarting the economy," Geithner stated in his article....read on
Good rains have brought good tidings, especially for the silver market.
While demand for gold in India has picked up significantly over the last couple of days, it is the rising demand for silver that has tongues wagging.
Though India is generally believed to have a ravenous appetite for gold, it is also a major consumer of silver. Of the 4,000 tonnes that India used to import annually, around 2,600 tonnes was used to make jewelery and ornaments......read on