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KINGSTON, NY, 17 OCTOBER 2009 — Wall Street markets rejoiced. Jubilant traders donned “Dow 10,000” baseball caps to commemorate the market’s return to the level it first reached a decade ago.
Eight of ten economists declared the Great Recession over. The world equity markets have smartly rebounded. Happy Days are Here Again!
But Dow 10,000, March 1999, is not the same as Dow 10,000, October 2009. Back then:
• United States unemployment was 4.2 percent. Now it’s 9.8 percent and rising.
• Oil traded around $16 per barrel. The prestigious Economist that now proclaims the Great Recession over, in 1999 predicted oil would fall to $5 and remain low for the foreseeable future. Oil is now trading above $78 a barrel.
• It took 91cents to buy one euro, today it costs almost $1.50.
• An ounce of gold cost $280 in 1999, today, $1050.
The Wall Street/media celebration of Dow 10,000 is unwarranted, deceptive and will prove destructive for those who make important decisions based upon so flimsy a pretext. Foreclosures are at an all time high, businesses go bankrupt, jobs continue to disappear. The dollar’s dive and gold’s historic high is no mirage. Gold doesn’t lie.
What 80 percent of economists call “Recovery” is a “Cover up.” Who do you believe?