Daniel Greenfield
FrontPage Magazine
11/7/2012
It’s almost like electing a man who has dedicated his time in office to destroying the American economy…. has economic consequences.
The Dow Jones industrial average is down 2 percent, putting it on course for one of its worst one-day drops following a U.S. presidential election. The biggest, in 2008, came in the midst of the financial crisis on the day after President Barack Obama won his first term.
The men whose victories did really bad things to the stock market like Obama’s? FDR and his corrupt Vice President, Harry Truman. And before you start thinking cliches about the Greatest Generation, FDR didn’t save America from a depression, he buried it deep inside one, until a global war shook it out.
And there’s more good news where that came from.
In the past week, the stock market has suffered through two of the worst single-day point drops in history.
People with hope for the future hardest hit. But don’t worry, the recovery is coming. There’s plenty of government jobs. Now we just have to find someone to pay for them.
Maybe China wants to lend us another 10 trillion?
…Iran is Turkey’s largest oil supplier and Turkey has been paying for the oil not only with liras but also with gold bullion. Turkey exported $11.7 billion of gold and precious metals since March, when Iran was barred from the Society for Worldwide Interbank Financial Telecommunication, (Swift) making it nearly impossible for Iran to complete large international fund transfers. Of the $11.7 billion, $10.2 billion or 90% was to Iran and the United Arab Emirates, according to data on Turkey’s state statistics agency’s website.
Turkey’s current account deficit is second in the world at $77.1 billion or 10% of GDP while the US currently holds the top spot.
The problem with Turkey switching from a net importer to a net exporter of gold bullion this year is that the foreign trade data is misrepresented. Turkey’s use of precious metals is a key factor to help turn around its nation’s current junk bond rating status.
We mentioned before the government’s efforts to move the $302 billion in privately held gold, into government banks to increase the money supply in the economy…
