Campaign For Liberty
Tuesday, Nov 24th, 2009
Continuing reports of gold reaching new record highs on practically a daily basis, is probably all the indication we need to realize that the economy is not as close to “recovery” as some would like us to think. Gold’s rise is the mirror image of the dollar’s drop. This is only good news to: 1) Those smart enough to have stocked up on gold years ago. 2) The Wall Street types who bet on a Fed that’s determined to devalue the dollar.
The New York Times:
Since the beginning of a rally in March, the weak dollar has emerged as one of the stock market’s best allies. Low interest rates in the United States have led many normally risk-shy traders to jettison their reservations and turn to the stock markets in hopes of high returns.
Gold, which tends to rise as the dollar weakens, reached $1,167 an ounce, a record.
In addition to all that cheery-ness, the interest alone on U.S. debt is expected to reach $700 billion, which is an initial estimate. Following its usual mode of political calculating, the Obama administration seems to be considering another stimulus. Of course, because the last one is working so well.
The Wall Street Journal:
The jobless rate, which hit 10.2% in October, has continued to climb despite the implementation of a $787 billion stimulus package in February.
Democrats’ fates in 2010 midterm elections could hinge in part on the success of their efforts to curb unemployment. Recessions historically have cost incumbents in an election year. Heavy losses could threaten Democratic majorities in the House and Senate, and affect the party’s chances of passing legislation addressing President Barack Obama’s priorities.
As if our nation hurdling toward bankruptcy with socialized medicine, cap and tax, and two wars and counting isn’t enough to worry about. What happens when those looming debts come calling, who knows what other bad ideas will be offered for relief. Another government offered/taxpayer sponsored stimulus (aka – stolen money used for political favors) could break our econmy’s back. Gloom and doom anyone? Audit the Fed.
This article was posted: Tuesday, November 24, 2009 at 10:24 am